SHANGHAI, Oct 17 (SMM) - SMM data shows that the zinc ingot inventories across seven major markets in China totalled 94,400 mt as of October 17, up 9,700 mt from a week ago and up 5,700 mt from last Friday (October 14). In Shanghai, the inflows to the inventory increased with the arrivals of Qilin zinc and Baiyin zinc. At the same time, the smelters have started sending cargoes to inventory for futures delivery, while the downstream enterprises were reluctant to pick up cargoes. As a result, the inventory in Shanghai increased. In Guangdong, the shipments from smelters advanced in the weekend. There were rumours that the storage capacity of Jushen warehouse had reached the limit, so the the SHFE deliveries might increase this week. In Tianjin, a large amount of zinc ingots were transferred to Quansheng warehouse for futures delivery. So far, the storage capacity of warehouses in Tianjin seemed to be full as well, thus the SHFE deliveries from Tianjin are expected to rise further in the near future. At the same time, the transportation was limited since some smelters were located in pandemic-stricken areas, thus the arrivals in the Tianjin market were low. Taken together, inventories in Shanghai, Guangdong and Tianjin rose 6,200 mt, and inventories across seven major markets in China gained 5,700 mt.
