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Copper Inventories in China Drop

Metal News - Published on Mon, 25 May 2020

Image Source: Copper
Reuters reported that copper inventories in warehouses tracked by the Shanghai Futures Exchange dropped at the fastest rate in nearly eight months. Copper inventories in ShFE warehouses CU-STX-SGH for the week ending May 22 fell to 175,825 tonnes, down 15.8% from a week earlier and the biggest decline since Septemer 27. Stockpiles fell after rising for the first time in two months in the previous week.

Aluminium stocks in ShFE warehouses AL-STX-SGH extended their downward trend, falling 8.6% from a week earlier to a 3-1/2-month low of 322,060 tonnes, amid solid demand in China, the world’s biggest user and producer of the light metal.

Lead PB-STX-SGH was the only metal with rising stocks in ShFE warehouses this week, up 2.6% to 7,401 tonnes. Inventories of the metal last month hit their lowest since October 2018.

Nickel stockpiles SNI-TOTAL-W fell 2.5% to 26,799 tonnes, tin SSN-TOTAL-W stocks declined 4.1% to 3,368 tonnes while zinc inventories ZN-STX-SGH fell 4.1% to 111,289 tonnes.

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Posted By : Yogender Pancholi on Mon, 25 May 2020
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