Nickel ore inventories at Chinese ports rose 34,000 wmt to 9.42 million wmt

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.

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

SHFE nonferrous metals, except for zinc, closed higher

Most SHFE nonferrous metals closed higher on Wednesday

SMM Morning Comments

Inventories fell as downstream consumers restocked on lower lead prices and as demand for secondary lead moved to primary lead

Nickel stocks in Shanghai bonded warehouses dipped 4% from a week ago to 59,500 mt as of Friday Aug 17