SHFE STOCKS REPORT 07/02: Base metals stocks continue to pile up on halted ops in China; zinc inventories double

摘要

Deliverable stocks for zinc, copper and aluminium at Shanghai Futures Exchange-approved warehouses soared in the week to Friday February 7 because consumers have delayed their return to work due to the novel coronavirus outbreak that originated in China. Some local governments at major cities in China have extended instructions to keep businesses closed until at least February 10. Market participants expect stocks to continue to grow at SHFE-approved warehouses since the coronavirus is putting a stop to operations in most downstream operations in China.