China copper stocks up for first time in 7 weeks; steel inventories also rise
Copper inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) rose for the first time in seven weeks, as demand eased in top consumer China.
In the week ended July 3, copper stocks in ShFE warehouses climbed 14.4% to 114,318 tonnes, their first week-on-week increase since May 15, exchange data showed on Friday. Last week, inventories fell to their lowest levels since January 2019.
Lead stocks in ShFE warehouses jumped 17.3% over the week to 27,362 tonnes, their highest since March 13, while aluminium inventories stopped falling for the first time in 15 weeks, up 0.1% to 224,026 tonnes.
Tin stocks SSN-TOTAL-W eased 3.4% to 3,001 tonnes, their lowest level since April 2017 and zinc inventories dipped 1.9% to 95,809 tonnes. Nickel stockpiles gained 1.5% to 29,422 tonnes.
Steel inventories in China climbed for a second straight week on lean consumption from downstream sectors as construction activity waned during the rainy season.
Stocks of five main steel products, at mills and held by traders, rose 3.4% to 21.23 million tonnes in the week to July 2 from the previous week, data compiled by Mysteel consultancy showed.
Construction-use steel rebar and wire rod accounted for 48% of total consumption this week, down from 53% in early June, according to Reuters calculations based on output and stocks data from Mysteel.
Source: Reuters (Reporting by Mai Nguyen in Singapore and Min Zhang in Beijing; Editing by Edwina Gibbs)