Nickel stocks in Shanghai-bonded areas climb 700 mt 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.

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.

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.

Inventories of refined nickel in the Shanghai bonded areas fell this week, as shipments under bill of lading were delayed due to COVID-19 related lockdowns while there were flows from bonded areas to domestic markets.  SMM data showed that inventories of pure nickel in the Shanghai bonded areas stood at 17,900 mt as of Friday April 17, down from 18,600 mt a week earlier.

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

Stocks decreased by 6,700 mt from Jul 22 to stand at 144,500 mt as of Jul 26