COPPER AND ZINC STOCKS AT SIX-MONTH LOW
Copper warehouse stocks continue to be worn down, with levels dropping a net 3,525 tonnes to their lowest since April 8 at 444,275 tonnes. Cancelled warrants, however, saw a slight decline to 58,425 tonnes, a loss of 1,820 tonnes. Business at $7,370 per tonne was up $225 on the pre-weekend close.
Zinc inventories are now at their lowest since April 19, dropping 2,075 tonnes to 788,025 tonnes. Cancelled warrants fell 75 tonnes to 79,150 tonnes. At $1,865, three-month zinc was recently up $60. Volume this morning has been brisk - almost 7,000 lots have changed hands so far.
Aluminium stocks dropped 3,600 tonnes to 4,651,375 tonnes, while cancelled warrants at 223,500 tonnes were down 3,150 tonnes. The spreads are still showing tightness, with a backwardation of $1.00/3.75 on the Dec/Jan spreads. The metal recently traded at $2,176, up $51 on Friday’s close.
Nickel increased $225 to $19,055. Cancelled warrants were also up, increasing 5,588 tonnes to 4,998 tonnes. Inventories increased 906 tonnes to 87,726 tonnes.
Lead inventories saw a slight rise of 325 tonne to 388,275 tonnes. Cancelled warrants at 18,250 tonnes jumped 6,250 tonnes. Prices at $1,966 were up $51.
Tin at $21,950 was $190 higher. Stocks fell 515 tonnes to 16,985 tonnes, while cancelled warrants lost 230 tonnes to 2,895 tonnes.
Steel at $520/530 was unchanged, while cobalt was offered at $45,500
Copper warehouse stocks continue to be worn down, with levels dropping a net 3,525 tonnes to their lowest since April 8 at 444,275 tonnes. Cancelled warrants, however, saw a slight decline to 58,425 tonnes, a loss of 1,820 tonnes. Business at $7,370 per tonne was up $225 on the pre-weekend close.
Zinc inventories are now at their lowest since April 19, dropping 2,075 tonnes to 788,025 tonnes. Cancelled warrants fell 75 tonnes to 79,150 tonnes. At $1,865, three-month zinc was recently up $60. Volume this morning has been brisk - almost 7,000 lots have changed hands so far.
Aluminium stocks dropped 3,600 tonnes to 4,651,375 tonnes, while cancelled warrants at 223,500 tonnes were down 3,150 tonnes. The spreads are still showing tightness, with a backwardation of $1.00/3.75 on the Dec/Jan spreads. The metal recently traded at $2,176, up $51 on Friday’s close.
Nickel increased $225 to $19,055. Cancelled warrants were also up, increasing 5,588 tonnes to 4,998 tonnes. Inventories increased 906 tonnes to 87,726 tonnes.
Lead inventories saw a slight rise of 325 tonne to 388,275 tonnes. Cancelled warrants at 18,250 tonnes jumped 6,250 tonnes. Prices at $1,966 were up $51.
Tin at $21,950 was $190 higher. Stocks fell 515 tonnes to 16,985 tonnes, while cancelled warrants lost 230 tonnes to 2,895 tonnes.
Steel at $520/530 was unchanged, while cobalt was offered at $45,500
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