Shanghai-bonded copper, zinc stocks climb in November on muted importing interest

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.
Fastmarkets assessed Shanghai-bonded copper stocks at 262,000-266,000 tonnes at the end of November, up 3.7% from 253,000-256,000 tonnes at the end of October.
Lack of spot buying interest in China over this period amid the poor arbitrage between London and Shanghai forced some traders to deliver cargoes to the bonded zone, Fastmarkets learned.

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. ...

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