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China: SHFE base metals stocks drop slightly w-o-w

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Copper
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27 Apr 2024, 13:33 IST
China: SHFE base metals stocks drop slightly w-o-w

In the week ending 26 April, deliverable stocks of base metals in Shanghai Futures Exchange (SHFE)-registered warehouses experienced slight decreases, except for nickel, which saw a slight uptick of 1.4%, as per the exchange's weekly stocks report.

 

Copper

Copper stocks in SHFE warehouses witnessed a slight decrease in inflows this week. The stocks were down by 4.2% to 287,498 t from the previous week's 300,045 t. Meanwhile, futures were up by 3.1% to RMB 79,036/t ($11,325/t).

Global copper supply faces challenges as Chinese smelters prepare to reduce output, alongside disruptions in key mining regions, notably Zambia. Additionally, the US and UK have banned metal-trading exchanges from dealing with Russian copper, aluminum, and nickel.

Aluminium

Aluminium inventories in SHFE warehouses fell by 2% to 223,859 t, while futures prices witnessed a slight decrease by 0.8% to RMB 20,323/t ($2,863/t) for the week.

Nickel

Nickel inventories saw a marginal rise of 1.4%, reaching 23,528 t, while nickel futures prices increased marginally by 3.9%, settling at RMB 142,234/t ($20,039/t) w-o-w.

Zinc

Zinc inventories inched down to 122,792 t, marking a 6.8% decrease, while future prices decreased by 0.8% to RMB 22,492/t ($3,169/t) from RMB 22,667/t ($3,193/t) for the week.

Lead

Lead inventories recorded a 6.6% decrease, settling at 48,321 t this week. Meanwhile, futures prices witnessed a rise by 4.8% w-o-w to RMB 17,759/t ($2,502/t) from the previous week's RMB 16,945/t ($2,387/t).

27 Apr 2024, 13:33 IST

 

 

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