Shanghai-bonded copper stocks extend gains on week

Nickel ore inventories across all Chinese ports decreased 260,000 wmt from January 15 to 8.61 million wmt as of January 22, showed SMM data.

Zinc inventories in China fell this week, with stocks in Shanghai and Tianjin decreasing relatively sharply.

Stocks of copper in Shanghai bonded areas increased slightly for two consecutive weeks on larger arrivals.

Inventories of hot-rolled coils of steel sheets used to produce home appliances and cars in China extended declines this week, and the decline expanded slightly compared with the prior week.

A total of 112 vessels carrying 16.8 million mt of iron ore arrived at major Chinese ports during December 13-19, SMM estimates. This was up 2.15 million mt from the previous week and 2.06 million mt from the same period last year. Arrivals at Tangshan port increased one million mt on the week.

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

Social inventories of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin expanded 2,500 mt from the prior week to 37,800 mt mt as of Friday November 20.

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

Inventories of refined nickel in the Shanghai bonded areas rose 1,000 mt from a week ago and stood at 24,300 mt as of November 6, showed SMM data.

Nickel ore inventories across all Chinese ports increased 43,000 wmt from October 30 to 9.46 million wmt as of November 6, showed SMM data.