SHFE metals inventories to more than double following virus outbreak, JP Morgan says

China's metals inventories could more than double in the first quarter of 2020, according to a JP Morgan research note published on Thursday February 27.

The note also said that stockpiles of copper were expected to build up to about 2.5 times the average seasonal first-quarter volume seen over the past five years, because of sustained production and a lack of downstream demand.
"In metals, Chinese efforts to contain the [spread of 2019n-CoV coronavirus] had constrained demand for metals from manufacturing plants, while Chinese smelters and refineries have for the most part [continued] producing, with the consequent inventory build-up evident in deliveries into [the Shanghai Futures Exchange] and bonded warehouses," JP Morgan said in the note.

There were 310,760 tonnes of deliverable copper in SHFE sheds on February 28,...

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