Shanghai-bonded copper, zinc stocks up due to closed import arb window; Ni stocks fall

摘要

Copper stocks at Shanghai-bonded warehouses rose in December from a month earlier after sustained losses in the import arbitrage between the London Metal Exchange and Shanghai Futures Exchange drove Chinese smelters to export copper, some of which entered the bonded zone.Zinc stocks also recorded a month-on-month increase for similar reasons, while nickel inventories declined on domestic stainless steel mills’ restocking activities ahead of Chinese New Year (February 4-10). Aluminium stocks were flat compared with November’s assessment.