China exchange copper stocks drop to lowest since Jan 2019

China exchange copper stocks drop to lowest since Jan 2019

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Copper inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) dropped to their lowest level in 17 months on Friday, as Chinese demand continued to recover after coronavirus-led restrictions were lifted.

In the week ended June 19, copper stocks in ShFE warehouses dropped 14.2% to 109,969 tonnes, their lowest since Jan. 18, 2019, exchange data showed.

Aluminium stockpiles fell 3.9% on-week to 238,703 tonnes, their lowest since Jan. 23. However, the rate of withdrawals was the slowest since April 10.

Lead stocks in ShFE warehouses continued to rise, adding 16.6% over the week to 22,995 tonnes, their highest since March 13. Last week, lead inventories more than doubled on subdued demand and higher output in China.

Zinc inventories fell to a near five-month low of 96,796 tonnes this week, while tin stocks rose 5.2% to 3,455 tonnes and nickel stockpiles gained 1.8% to 28,365 tonnes.

Overall steel product inventories – both at mills and held by traders – inched 0.3% lower from the previous week to 20.15 million tonnes as of June 18, according to consultancy Mysteel.

While construction materials are continuously dampened by the rainy season, apparent demand for flat steel, including hot-rolled steel, cold-rolled steel and medium plate, started to pick up.

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