Copper stocks in Shanghai bonded area extend decline

Social inventories of silicon metal across Huangpu port, Kunming city and Tianjin port expanded 2,000 mt from the previous week to 42,000 mt as of Friday July 30.

Shanghai base metals traded mixed after opening on Thursday morning, as Fed failed to set a timeline for tapering asset purchase, and COVID-19 pandemic made a comeback. Meanwhile, their counterparts on LME mostly went up.

SHFE copper prices rallied from lows last week. Prices edged up from 67,500 yuan/mt and tested the 70,000 yuan/mt mark on Friday. European and US stock markets plunged sharply on Tuesday evening amid market concerns over the Delta strain, while SHFE copper prices opened lower.

SMM data showed that China’s social inventories of aluminium across eight consumption areas fell 26,000 mt on the week to 832,000 mt as of June 24, mainly due to the decline in Wuxi and Hainan.

Shanghai base metals were mostly lower on Tuesday morning as investors awaited the release of China's trade data for June. Meanwhile, their counterparts on the LME also fell for the most part.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei increased 1,700 mt from last Friday July 9 to 122,000 mt as of Monday July 12. The stocks were up 6,200 mt from July 5.

SMM data showed that the stocks rose 4,200 mt from the prior week to 439,800 mt as of Friday July 9.

This is a roundup of China's metals weekly inventory as of July 9.

Zinc inventories in China fell over the weekend, primarily propelled by a decrease in Shanghai and Guangdong.

SHFE nonferrous metals, except for lead, closed higher on US-China trade thaw