Base metals stocks on the Shanghai Futures Exchange were mixed as of Friday February 22, with zinc and copper stocks continuing to increase due to sluggish demand in the domestic Chinese market over the previous week, while aluminium and tin inventories were almost flat, and those of nickel and lead dropped.
Deliverable copper stocks at SHFE-approved warehouses had risen by 10,676 tonnes or 5.15% on February 22 to 217,794 tonnes compared with a week prior. The stocks have increased for the fifth consecutive week since January 11. Deliverable copper stocks at SHFE-approved warehouses have risen by 122.29% compared with Friday January 11's 97,979 tonnes. Market participants attributed the increase to slower demand around the Chinese Lunar New Year holiday (February 4-10). "The period around the Chinese Lunar New Year holiday is always a stocks-accumulated season," a senior copper trader based in Shanghai...