Copper stocks in Shanghai-bonded warehouses in June were at their lowest since late in January because of better import opportunities in China in May and June, while China's less refined copper imports in the second quarter dropped after a top importer had less credit issued to it.
Nickel stocks in the Shanghai-bonded zone dropped in June due to an abrupt opening of the import arbitrage window, while zinc stocks declined despite a closed arbitrage for cargoes into domestic China or exported to London Metal Exchange-listed warehouses.Aluminium is the only metal whose stocks increased in the Shanghai-bonded zone. But given the small volume of bonded aluminium stocks, market participants expect a limited impact to the market following the rise.Copper stocks hit their lowest since late January amid less importsNickel stocks drop 34.8% month on month on wide arbitrageZinc inventories dipped despite a closed arbitrage window and after rising continuously for seven months Cu stocks decline on favorable import arbitrage in June A month-on-month drop in copper stocks in the Shanghai-bonded zone in June reflected a sustained and favorable arbitrage from the bonded zone into China last month. Fastmarkets assessed Shanghai-bonded copper stocks...