Deliverable lead stocks at Shanghai Futures Exchange-approved warehouses declined by 2,892 tonnes or 8.5% over the past week to 31,110 tonnes as of Friday February 9, marking the biggest decline across the exchange’s base metals complex.
Lead stocks at SHFE warehouses have now fallen for three consecutive weeks, with inventory levels down a net total of 12,462 tonnes since January 19.
“There is greater demand from [the] battery production side with the coming of Chinese New Year holidays in the middle of February,” a trader based in China’s Shenzhen province said.
“On one side, there is more buying interest for new cars before holidays, while on the other, battery producers also need to restock raw materials,” a Shanghai-based trader said.
This week, Qisheng in Shanghai saw the most metal leaving its sheds with 1,441 tonnes.
Copper stocks climb 7.8% vs last week
- SHFE copper stocks increased by 13,537 tonnes or 7.8% over the past week to 186,132 tonnes.
- Chinese imports of copper metal and concentrates saw double-digit growth year on year in January 2018 on a profitable arbitrage and restrictions on copper scrap imports, preliminary Chinese customs data showed.
- The SHFE’s most-active March copper contract closed the official session at 51,370 yuan ($8,130) per tonne on Friday, down from the week’s opening price of 52,980 yuan per tonne, following a volatile week for global equity, energy and commodities market.
Nickel stocks edge lower; rest of metals higher
- Aluminium stocks in SHFE warehouses rose by 8,424 tonnes or 1.1% week on week to 803,742 tonnes.
- Zinc inventory levels in SHFE warehouses increased by 3,565 tonnes or 3.8% over the past week to 98,334 tonnes.
- SHFE tin stocks went up by 92 tonnes or 1.8% over the past week to 5,081 tonnes.
- Nickel inventory levels in SHFE warehouses fell by 83 tonnes or 0.1% week on week to 56,111 tonnes.