SMM

According to the SMM survey, as of Thursday (September 26), the total zinc ingot inventory in seven SMM locations was 106,700 mt, down 7,800 mt from September 19 and down 8,900 mt from September 23, with domestic inventory decreasing. Shanghai's inventory decreased significantly, with no improvement in zinc ingot arrivals during the week, combined with pre-holiday downstream restocking and continuous pickup of pre-sold goods, leading to a sharp decline in overall inventory. Guangdong's inventory decreased, with normal zinc ingot arrivals during the week and some downstream pre-holiday restocking, resulting in a slight decline in overall inventory. Tianjin's inventory decreased, with fewer arrivals at Tianjin warehouses during the week and continuous downstream pre-holiday restocking, leading to a significant decline in overall inventory. Overall, the original three locations' inventory decreased by 8,100 mt, and the seven locations' inventory decreased by 8,900 mt.