- The London Metal Exchange’s base metal inventory report was mixed on Monday, with aluminium and copper stocks falling while nickel inventories rose to their highest level in six months.
- Copper, which traded at $8,618, saw inventories fall a net 1,150 tonnes to 365,200 tonnes, a fresh multi-year low, while cancelled warrants rose 700 tonnes to 27,925 tonnes. Aluminium traded at $2,427, down $31, while inventories fell 2,825 tonnes to 4,281,450 tonnes, the lowest since June 2009. Nickel, which traded at $24,230, down $270, saw inventories climb y 5,034 tonnes to 129,216, the highest level since June 18.
- Both zinc and lead fell below $2,500, while zinc inventories rose 50 tonnes to 633,250 tonnes and lead stocks fell by 350 tonnes to 202,875 tonnes. “Zinc’s recent surplus has been much larger than that of lead and excess inventories, both visible and unreported, are far greater,” BNP Paribas analyst Steven Briggs said on Friday. “It will be some years, certainly beyond 2012, before the zinc market becomes genuinely tight.”
- Inventories of tin, which traded at $26,300, down $200, fell a net 520 tonnes to 12,855 tonnes, while steel billet inventories were flat on Friday’s close, with 51,025 tonnes of stocks and 7,085 tonnes of cancelled warrants. Cobalt cancelled warrants increased two tonnes to 38 tonnes.
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