“Destocking activities increased
this week as the year-end is approaching and following the sharp price falls,” an analyst in Shanghai said.
The SHFE’s most-traded January tin contract closed at 134,390 yuan ($20,326) per tonne on Friday, down 4,840 yuan from a week earlier. Meanwhile, the spot price fell by 4,250 yuan to a range of 135,500-137,000 yuan per tonne in the same comparison.
Nanchu in Guangdong saw the most stock leave its sheds this week with 450 tonnes.
SHFE lead stocks climb 11.8%
Aluminium, nickel, zinc up; copper down
- SHFE lead stocks increased by 11.8% or 4,617 tonnes week on week to 43,671 tonnes.
- The International Lead and Zinc Study Group reported that both the global refined zinc and lead markets were in deep deficits in the first 10 months of the year.
- The SHFE’s most-active January lead contract closed at 18,980 yuan per tonne on Friday, up by 2.3% or 430 from the prior week.
- SHFE copper stocks fell by 16,016 tonnes or 10.1% over the past week to 142,129 tonnes.
- SHFE aluminium stocks rose by 21,573 tonnes or 3% over the past week to stand at 736,389 tonnes.
- SHFE nickel stocks decreased by 1,481 tonnes or 3.6% to 39,625 tonnes over the past week.
- Zinc stocks were up by 4,789 tonnes or 7.3% from a week ago to 70,561 tonnes.