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.