June 5, 2020 / 10:42 AM / a month ago

China copper stocks fall to over 4-month low, but pace of decline slows

SINGAPORE/BEIJING, June 5 (Reuters) - Copper inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) fell for the third straight week to their lowest in more than four months, but the pace of withdrawal has slowed, exchange data showed on Friday.

Copper inventories in ShFE warehouses CU-STX-SGH in the week to June 5 fell 3.5% to 139,913 tonnes, their lowest level since Jan. 23, as economic activity picks up in China after it eased its coronavirus lockdown.

The rate of decline this week, however, was far lower than the previous week’s 17.5% drop.

Aluminium stockpiles AL-STX-SGH dropped 10% over the week to 266,588 tonnes, their lowest since Feb. 7.

Lead inventories in ShFE warehouses PB-STX-SGH rose for a fourth straight week, increasing 4.7% to 9,025 tonnes.

Zinc inventories ZN-STX-SGH eased 0.7% to 106,648 tonnes, their lowest since Feb. 14, and tin stocks SSN-TOTAL-W were down 3.4% at 3,374 tonnes, while nickel stockpiles SNI-TOTAL-W rose 0.8% to 27,331 tonnes.

In the ferrous complex, stockpiles of steel products held by traders in China dropped by 609,600 tonnes to 14.88 million tonnes as of Thursday, weekly data compiled by Mysteel consultancy showed.

Reporting by Mai Nguyen in Singapore and Min Zhang in Beijing; Editing by Aditya Soni

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