Aluminium Social Inventories Dropped 21,000 mt on Week

As of April 15 Friday, SMM China copper inventory across major markets in China added 4,000 mt from Monday April 11 to 139,300 mt, down slightly by 1,000 mt from last Friday. The weekly inventory dropped again after a short increase last week. Compared with the domestic inventory recorded on Monday, the local stocks all added except for Shanghai during this period.

As of Friday, April 8, SMM copper inventory across mainstream regions in the country achieved the first weekly rise since March 4, with an increase of 3400 mt to 140300 mt compared with Wednesday April 6, and a slight increase of 2600 mt compared with last Friday.

The British government said that the measures taken by the US to cancel import tariffs on British steel and aluminium will take effect on June 1.

The social inventory of lead ingots across Shanghai, Guangdong, Zhejiang, Jiangsu and Tianjin dropped 3,200 mt from Friday March 11 and rose 9,800 mt from Monday March 7 to 119,000 mt as of March 14.

Shanghai base metals mostly trended lower on Tuesday morning after US dollar rallied significantly. Meanwhile, their counterparts on LME performed similarly.

Shanghai nonferrous metals mostly closed in the positive territory as the market was cheered up by the macro front, as China released its December official manufacturing and non-manufacturing PMI readings, which topped market expectation.

Shanghai base metals basically trended lower amid a cautious market which expected the Fed to wrap up the bond purchasing program early than estimate. Meanwhile, their counterparts on LME mostly closed in the positive zone.

Total zinc inventories across seven Chinese markets stood at 125,300 mt as of December 10, down 6,300 mt from December 6 and 4,800 mt from December 3.

Shanghai base metals basically trended higher on Friday morning. Meanwhile, their counterparts on LME trended mixed.

China’s copper cathode output stood at 825,900 mt in November, up 4.6% month on month and 0.5% year on year