Primary aluminium inventories extended gains by 9,000 mt on week

SHFE nonferrous metals declined broadly on Friday January 22. Copper fell 0.61%, zinc slumped 2.51%, lead shed 0.66% and nickel weakened 1.13%, while aluminium edged up 0.1% and tin rose 1.83%. 

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.

Shanghai base metals traded mixed on Friday morning as traders monitored the European Central Bank's latest meeting and the beginning of Joe Biden's presidency. Meanwhile, their counterparts on the LME also set for a mixed start.

SHFE nonferrous metals closed higher across the board on Friday December 25.

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.

Shanghai base metals and their counterparts on the LME cruised lower for the most part on Monday morning as the US dollar rebounded slightly.