Shanghai-bonded copper stocks extend gains on week

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.

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 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.

SMM data showed that social inventories of refined zinc ingots across Shanghai, Tianjin, Guangdong, Jiangsu, Zhejiang, Shandong and Hebei decreased 12,100 mt in the week ended June 25 to 116,500 mt. The stocks fell 6,400 mt from Monday June 21.

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

Stocks rose 1,600 mt from Aug 2 to stand at 146,000 mt as of Aug 5

Production cuts at EAF mills to ease rebar supply pressure in the weeks ahead

Port stocks shrank 800,000 mt from a week ago and stood at 106.3 million mt as of Jul 26