China: SHFE base metals stocks witness weekly gains barring zinc

In the week ending 10 May, deliverable stocks of base metals in Shanghai Futures Exchange (SHFE)-registered warehouses experienced inflows, barring zinc, which saw a slight drop of 0.5% w-o-w. Meanwhile, lead stocks on SHFE jumped over 15% for the week, as per the exchange's weekly stocks report.

The USA annual CPI rate before seasonal adjustment for April, announced on May 15, was 3.4%, while the seasonally adjusted CPI was 0.3%.

Copper

Copper stocks in SHFE warehouses witnessed a slight increase in inflows this week. The stocks were up by 0.2% to 291,020 tonnes (t) from the previous week's 290,376 t. Meanwhile, futures were up by 0.8% to RMB 81,300/tonne ($11,254/t).

Aluminium

Aluminium inventories in SHFE warehouses rose by 1.9% to 215,634 t, while futures prices stood steady at RMB 20,581/t ($2,849/t) for the week.

Nickel

Nickel inventories saw a marginal rise of 3.5%, reaching 24,490 t. Meanwhile, nickel futures prices increased marginally by 0.5%, settling at RMB 144,194/t ($19,961/t) w-o-w.

Zinc

Zinc inventories rose to 130,566 t, marking a 0.5% decrease, while future prices increased marginally by 1.4% to RMB 23,614/t ($3,269/t) from RMB 23,283/t ($3,223/t) for the week.

Lead

Lead inventories recorded a remarkable 17.1% increase, settling at 72,871 t this week. Similarly, futures prices witnessed a rise by 3.5% w-o-w to RMB 18,357/t ($2,541/t) from the previous week's RMB 17,731/t ($2,454/t).