SHFE STOCKS REPORT 06/11: Minimal movement in inventories; lead up 6.5%
Deliverable stocks of base metals in Shanghai Futures Exchange-registered warehouses were little moved in the week to Friday November 6, with the biggest percentage change seen in lead at 6.5%.
Lead stocks in SHFE-registered warehouses increased by 1,630 tonnes to 26,561 tonnes on Friday from 24,931 tonnes in the week prior.
The largest inflow was noted at Guochu Tianwei warehouse in Shanghai, where stocks rose 606 tonnes or 84% week on week to 1,331 tonnes, from 725 tonnes a week earlier.
This marks a second consecutive week of growth in lead stocks. Lead inventory rose by 1.9% week on week at the end of October.
“The season for peak demand has passed so inventory will start building up in warehouses,” a Shanghai-based analyst said.
The International Lead & Zinc Study Group (ILZSG) projects the global refined lead market will record a 276,000-tonne surplus in 2020, and a 192,000-tonne oversupply in 2021.
Other SHFE stocks changes
- Copper slumped 6% or 8,336 tonnes to 131,321 tonnes.
- Aluminium dipped 0.7% or 1,630 tonnes to 231,716 tonnes.
- Zinc inched up 0.8% or 486 tonnes to 60,874 tonnes.
- Nickel decreased by 6.3% or 1,867 tonnes to 27,661 tonnes.
- Tin rose by 1.2% or 50 tonnes to 4,238 tonnes.