Copper Inventories in Shanghai Bonded Zone Fall This Week, SMM Reports

The moves of SHFE and LME have been heading toward different directions recently. As of December 8, LME lead has been falling for five consecutive sessions. SHFE lead, on the other hand, rallied strongly after falling for two days in a row, and rose 1.88% to 15,175 yuan/mt to close the day.

Market focus this week includes the readings of the manufacturing PMI in the Eurozone in November and the Markit manufacturing PMI in the United States in November; the one-year loan market interest rate as of November 22 in China. On the events front, the Federal Reserve FOMC will release the minutes of the monetary policy meeting this Thursday; Bank of England Governor Bailey will deliver a speech this Friday.

Stainless steel futures entered sharp correction.  The most-traded SHFE contract fell sharply after hitting highs on September 23, and closed at 19,690 yuan/mt today. The decline reached 12.2% for four trading days.

Nickel stocks across LME-approved warehouses gained 2,874 mt on Monday to 69,180 mt

The following table shows the movements of ferrous and nonferrous metals on the SHFE and DCE on Wednesday April 11. 2018.

The following table shows the movements of ferrous and nonferrous metals on the SHFE and DCE on Tuesday April 9, 2018.

The following table shows the movements of ferrous and nonferrous metals on the SHFE and DCE on Friday March 30, 2018.

As the LME inventory is likely to rebound, we see limited upward room for prices of LME nickel even as the US dollar weakens.

The following table shows the ferrous and base metals movement on the SHFE and DCE on Monday January 8, 2018.

As per data released by LME on Thursday. LME Lead inventory is 145,075 tons, setting new low during past two years.