Base metals stocks on Shanghai Futures Exchange were broadly higher as of Friday February 15 due to the week-long Lunar New Year holiday, with zinc leading the increase although nickel stocks dropped because of tight supply.
Deliverable zinc stocks at SHFE-approved warehouses have risen by 39,516 tonnes or 84.2% since February 1 to 86,447 tonnes as of February 15. Zinc stocks also rose for the sixth consecutive week since the start of this year. As of Friday, R&S Logistics in Shanghai had the most stock entering its sheds with 13,322 tonnes of zinc metal delivered in. A dearth of spot activity during the Lunar New Year holiday between February 4 and February 10 caused stocks to surge; spot...