This week, SIPG Logistics in Shanghai saw the most stock entering its sheds with 9,749 tonnes, bringing its total copper stocks to 37,360 tonnes.
Zhongchu Wusong, also in Shanghai, was a close second with 9,260 tonnes of copper entering its sheds over the past week. Total copper stocks at Zhongchu Wusong now stand at 36,438 tonnes.
China imported 330,000 tonnes of unwrought copper and copper-fabricated products in October, down 100,000 tonnes from 430,000 tonnes in September but still 14% higher than the 290,000 tonnes imported in October 2016.
The domestic market in China slowed this week as end-users had mostly completed their restocking activities and began to focus on long-term negotiations.
Metal Bulletin assessed Shanghai-bonded copper stocks at 480,000-490,000 tonnes
at the end of October, down 5,000 tonnes from late September.
Aluminum stocks continue to rise
- Deliverable aluminium stocks at SHFE-approved warehouses rose by 2.7% or 17,815 tonnes over the past week, to stand at 666,581 tonnes as of Friday.
- Aluminium stocks at SHFE warehouses have risen continuously since June 30.
- On Thursday, a local information provider survey showed domestic stocks have risen a further 4,000 tonnes so far this week to nearly 1.69 million tonnes, with prices weakening following the news.
Rest lower; lead bucks the trend
- SHFE zinc stocks declined 2,673 tonnes over the past week to 83,845 tonnes
- Lead stocks were 4,146 tonnes higher at 28,313 tonnes compared with a week ago.
- Nickel inventories fell 1,015 tonnes week on week to 46,460 tonnes.
- Tin stocks decreased 328 tonnes over the past week to 9,102 tonnes.