SHFE STOCKS REPORT 04/05: Copper inventories reverse 3-week decline to rise 6%

Deliverable copper stocks at Shanghai Futures Exchange-approved warehouses rose by 6% or 14,953 tonnes week on week to 264,685 tonnes as of Friday May 4, reversing three consecutive weeks of decline.

  • This week, 830 Huangpu in Guangdong saw the most copper stock arrivals with 7,853 tonnes entering its sheds.
  • The earlier decline in copper stocks reflected good domestic demand, and some hold back in inventory by suppliers ahead of the 1% cut in China’s value-added tax (VAT) to 16% on May 1, a Shenzhen-based copper analyst said.
  • The increase in stocks this week is likely a result of sellers releasing inventories into the market post-VAT decrease, he said.
  • Copper stocks in Shanghai-bonded warehouses were assessed by Metal Bulletin at 520,600-521,000 tonnes on April 23, up from 505,000-510,000 tonnes two
  • The most-traded June copper contract on the SHFE closed at 51,290 yuan ($8,068) per tonne on Friday, down from April 27’s closing price of 51,560 yuan per tonne, amid renewed dollar strength.

Others fall, except tin

  • Aluminium inventories fell 5,366 tonnes to 986,205 tonnes.
  • Lead stocks dipped 3,955 tonnes to 19,304 tonnes.
  • Zinc stocks slipped by 1,235 tonnes to 106,412 tonnes.
  • Nickel inventories decreased by 817 tonnes to 39,334 tonnes.
  • Tin stocks gained 928 tonnes to 6,413 tonnes.
What to read next
Critical minerals appear to be exempt from the 'reciprocal' tariffs introduced by Donald Trump on Wednesday April 2; US trade paralyzed by confusion, market participants reported.
The publication of Fastmarkets’ MB-AL-0343 Aluminium P1020A spot premium, cif main Japanese ports (MJP) assessment for Wednesday April 2 was delayed because of a reporter error. Fastmarkets’ pricing database has been updated. The following price was affected:MB-AL-0343: Aluminium P1020A (MJP) spot premium, cif Japan, $/tonne The price is a part of the Fastmarkets base metals […]
The United States is taking steps to strengthen its critical mineral supply. This move focuses on boosting domestic production, improving supply chains, and addressing regulatory challenges. These efforts aim to enhance economic growth and reinforce national security.
During the extended consultation, Fastmarkets received comprehensive and wide-ranging feedback from a broad cross-section of the P1020A value chain.The majority of the market feedback received during the consultation was in support of Proposal 1, with most participants preferring its simpler, more coherent mechanism of reflecting CBAM costs than Proposal 2. Proposal 1: Reporters may apply expert […]
The London Metal Exchange has been fined $12 million by the Financial Conduct Authority (FCA) for its role in the rollercoaster nickel market saga three years ago
This is a follow-up pricing notice to yesterday’s notice about the delay. The following prices were affected by this:MB-AL-0256 Aluminium fixing price for LME trade, rand/tonne MB-CU-0338 Copper fixing price for LME trade, rand/tonne MB-PB-0064 Lead fixing price for LME trade, rand/tonne MB-NI-0093 Nickel fixing price for LME trade, rand/tonne MB-SN-0005 Tin rand fixing price for LME trade, rand/tonne MB-ZN-0072 Zinc rand […]