Shanghai-bonded copper stocks fell to a four-year low at the start of October as higher in-warehouse premiums in Shanghai and a profitable import arbitrage between London and Shanghai boosted buying interest for bonded warrants.
Zinc inventories in the Shanghai bonded zone were lower due to higher customs clearance volumes during the busy September and October period, while nickel stocks rose on the closed import arbitrage window between London and Shanghai.
Copper stocks hit lowest level since October 2015 Bonded zinc stocks fall amid higher customs clearance volumes Closed arbitrage window pushes nickel bonded stocks higher Aluminium inventories flat on monthly basis, import demand weak Shanghai-bonded copper stocks drop to four-year low Fastmarkets assessed Shanghai-bonded copper stocks at 292,000-295,000 tonnes at the end of September, marking a month-on-month decrease of 19% from 360,000-365,000 tonnes at the end of August. The latest assessment also marked a 25.9% decline from a year earlier and is the lowest level since the end of October 2015. Higher cif Shanghai premiums in September improved the import arbitrage between London and Shanghai in August and September, boosting traders' buying interest...