Sustained import losses for copper and zinc in November have caused Shanghai-bonded stocks to rise for the two base metals by around 3%, while a reversal of import conditions for nickel encouraged some trading houses to draw down bonded nickel stocks last month.
Shanghai-bonded copper stocks moved up in November on low interest for imported material following a wider arbitrage loss this month, marking the first month-on-month increase since May.The import loss for copper brought into China averaged $55.28 per tonne in November, compared with an average loss of $53.62 per tonne in October. The loss increased to as wide as almost $70 per tonne on average across November 1 and 8. ...