Nickel stocks in the Shanghai-bonded zone dropped in June due to an abrupt opening of the import arbitrage window, while zinc stocks declined despite a closed arbitrage for cargoes into domestic China or exported to London Metal Exchange-listed warehouses.
Aluminium is the only metal whose stocks increased in the Shanghai-bonded zone. But given the small volume of bonded aluminium stocks, market participants expect a limited impact to the market following the rise.
Cu stocks decline on favorable import arbitrage in June
- Copper stocks hit their lowest since late January amid less imports
- Nickel stocks drop 34.8% month on month on wide arbitrage
- Zinc inventories dipped despite a closed arbitrage window and after rising continuously for seven months
A month-on-month drop in copper stocks in the Shanghai-bonded zone in June reflected a sustained and favorable arbitrage from the bonded zone into China last month.
Fastmarkets assessed Shanghai-bonded copper stocks at...