Base Metal Consumption after 3-Day Winning Streak, SMM Surveys

The copper inventories in domestic bonded zones rose 19,500 mt from Friday February 25 to 320,100 mt as of March 4, according to SMM survey.

Spot premiums rose above 2,000 yuan/mt amid falling social inventory and the suspension of customs tariffs, and premiums in south and north China followed suit.

Shanghai nonferrous metals mostly closed with gains as the market was boosted by the new of loosening house loans.

This is a roundup of China's metals weekly inventory as of November 5.

Shanghai base metals all went down in the overnight trading on Wednesday after the Fed announced to start the tapering of asset purchase in late November, while the stock decline supported the prices.

The continuous power rationing and maintenance led to the production cut and suspension across the domestic primary and secondary lead smelters. The domestic social inventory of lead ingots kept falling. The restored profits of secondary lead encouraged the production and widened the discounts.

This is a news roundup for the overseas copper market last week.

This is a news roundup for the overseas copper industry.

Shanghai nonferrous metals mostly closed in the positive territory as the market has been increasingly worried about the inflation.

Shanghai base metals were trending mixed on Thursday morning under the impact of the higher-than-expected US September CPI. Meanwhile, their counterparts on LME performed similarly.