China: SHFE base metals inventories show mixed movements w-o-w

In the week ending 31 May 2024, deliverable stocks of base metals in Shanghai Futures Exchange (SHFE)-registered warehouses witnessed mixed movements. Meanwhile, lead stocks on SHFE recorded the highest inflow of over 8% for the week, as per the exchange's weekly stocks report.

Province-wise inventories

Copper

Copper stocks in SHFE warehouses witnessed a slight increase in inflows this week. Stocks were up by 6.9% to 321,695 tonnes (t) from the previous week's 300,964 t. Meanwhile, futures fell by 1.6% to RMB 83,465/t ($11,743/t).

Aluminium

Aluminium inventories in SHFE warehouses remained largely stable with a marginal rise of 1.3% to 217,785 t, while futures prices saw a slight rise of 0.7% to RMB 21,154/t ($2,976/t) this week.

Nickel

Nickel inventories declined by 1%, reaching 25,444 t. Meanwhile, nickel futures prices decreased by 1.2%, settling at RMB 152,866/t ($21,508/t) w-o-w.

Zinc

Zinc inventories were almost stable at 129,140 t, while future prices increased marginally by 1.6% to RMB 24,733/t ($3,479/t) from RMB 24,350/t ($3,426/t).

Lead

Lead inventories recorded a remarkable 8.3% rise settling at 59,802 t this week. Similarly, futures prices remained firm w-o-w at RMB 18,675/t ($2,627t) from the previous week's RMB 18,672/t ($2,627/t).