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Yuqiang Minhang Warehouse in Shanghai saw the largest copper stock decrease of 6,746 tonnes over the past week.
Metal Bulletin assessed Shanghai weekly copper stocks deliverable at 107,892 tonnes as of October 27, down from 112,667 tonnes recorded on October 20.
The SHFE’s most-active December copper contract rose at the close to 53,990 yuan ($8,117) per tonne at 15:00 Beijing time on Friday October 27, down 2% from 55,100 yuan per tonne as of 15:00 Shanghai time last Friday.
Zinc stocks in SHFE sheds increased 3,770 tonnes, or 5.6%, over the past week to 71,558 tonnes, according to Metal Bulletin’s assessment on October 27.
The most-active December zinc contract on the SHFE rose at the close to 25,570 yuan per tonne on Friday October 27, up a minimal 0.25% from the closing price of 25,505 yuan per tonne last Friday. Lead inventories dip slightly SHFE lead stocks decreased by 0.4%, or 101 tonnes, to 22,762 tonnes from last week, after largely increasing for the past two weeks.
SHFE warehouses added 20,900 tonnes of aluminium stocks, a 3.4% increase from the previous week, to total 636,270 tonnes, hitting an all-time high.
High stocks also put pressure on aluminium prices. The SHFE’s most-active December aluminium contract rose to 16,265 yuan per tonne at the close on Friday, down 0.37% from 16,325 yuan per tonne as of 15:00 Shanghai time last Friday.
SHFE tin stocks increased 50 tonnes, or 0.5%, to 9,724 tonnes as of Friday, following a relatively flat period that began on September 29.
Finally, nickel stocks were up 401 tonnes, or 0.8%, from a week ago to 48,711 tonnes, its first consecutive two week increase in 2017.