Jul. 1 (Bloomberg) –Copper inventories tracked by the London Metal Exchange fell to the lowest in more than two months, driven by declines in South Korea.
Stockpiles declined for a seventh day, falling 1,800 metric tons to 463,450 tons, the lowest level since April 26, LME data showed today. They fell 2.2 percent this week. Most declines were registered in Gwangyang and Busan, South Korea.
Orders to draw copper from warehouses, known as canceled warrants, fell 1,400 tons, or 6.2 percent, to 21,200 tons. The bookings jumped to the highest in almost a year on June 22, according to data compiled by Bloomberg.
Aluminum stocks fell for a 27th day, declining 12,050 tons to 4.49 million tons, the lowest level since January 20. Most of the metal was removed from U.S. and South Korean warehouses. Canceled warrants rose 3,125 tons to 451,625 tons, driven by Asia. A total of 9,100 tons were canceled in Johor, Malaysia, while 3,625 tons were booked in Busan, South Korea.
Zinc Stocks Slump
Zinc stockpiles fell 2,725 tons, or 0.3 percent, to 860,750 tons, the most since January 2010, according to exchange figures. Declines were seen in Port Klang, Malaysia. Canceled warrants fell for a second day, declining 2,700 tons to 46,475 tons.
Lead inventories dropped 1,700 tons to 318,600 tons on declines in Singapore and Port Klang. Canceled warrants fell 1,700 tons to 34,950 tons.
Tin inventories increased 235 tons to 22,385 tons on a gain in Singapore and Johor, Malaysia. Canceled warrants were little changed at 2,620 tons. The orders jumped fivefold on June 28 to the highest level since April 2010.
Nickel stockpiles fell to the lowest since Aug. 10, 2009, declining 312 tons to 106,836 tons. Inventories are down 21 percent this year, heading for a second annual retreat. Canceled warrants rose 84 tons to 5,994 tons.