Metals – China's copper exchange inventories drop further
Weekly data from Shanghai Futures Exchange (ShFE) show that inventories for base metals remained mixed over the last week. Copper stocks fell by 9,138 tonnes (-15% week-on-week) for a third consecutive week to 52,152 tonnes (the lowest since the week ending on 30 September 2022) as of last Friday. In contrast, inventories of other major metals reported inflows, with aluminium inventories rising by 1,811 tonnes (+1.8% WoW) to 112,807 tonnes at the end of last week. Meanwhile, weekly exchange inventories for zinc, lead and nickel rose by 1.1%, 5.7% and 9.7% respectively as of Friday.
Meanwhile, the latest CFTC data show that speculators increased their bullish bets in COMEX copper by 8,011 lots for a third consecutive week over the last reporting week, leaving them with a net long position of 21,513 lots as of last Tuesday. Moving to precious metals, speculators decreased their bullish bets in COMEX gold by 16,954 for a second straight week, to leave them with a net long of 99,337 lots, while increasing their net long in silver by 7,487 lots as of last Tuesday.
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