China: SHFE base metals stocks surge over 18% w-o-w

The latest weekly stock report from the Shanghai Futures Exchange (SHFE) indicated that the inventory of base metals in SHFE-registered warehouses saw a collective increases w-o-w except for aluminium. Among these metals, lead experienced the most significant rise in percentage terms.

Copper

Copper stocks in SHFE warehouses witnessed gain of 18.3% to 239,345 t from the previous week's 214,487 t. Similarly, futures were marginally up by 0.2% to RMB 69,114/t ($9,617/t).

Aluminium

Aluminium inventories in SHFE warehouses fell marginally by 3.5% to 184,264 t, while futures prices was slightly up by 1.1% to RMB 19,025/t ($2,647/t) for the week.

Nickel

Nickel inventories saw a 2.7% rise, reaching 19,061 t, while nickel futures prices increased by 2.7%, settling at RMB 136,364/t ($18,975/t) w-o-w.

Zinc

Zinc inventories soared to 108,671 t, marking a 11.3% increase, while future prices rose by 0.9% to RMB 20,717/t ($2,882/t) from RMB 20,525/t ($2,856/t) for the week.

Lead

Lead inventories recorded a 18.8% increase, reaching 62,810 t. Concurrently, futures prices witnessed a rise for the week by 0.5% to RMB 15,999/t ($2,226/t) from the previous week's RMR 15,912/t ($2,214/t).