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| Commodity News |
| HeadLine : |
China copper inventories near 4-yr high as supply swamps virus-hit demand; steel stocks build slows |
| Date : |
Mar 16 2020 |
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Chinese steel stocks, meanwhile, remain at record highs, although the pace of the build has slowed. Inventories of copper climbed by 34,959 tonnes from the previous week to 380,065 tonnes, the exchange said on Friday. That’s the most since March 25, 2016. Furthermore, copper concentrate treatment charges, a key source of smelter revenue, have jumped 20% since the end of 2019. Charges above $70 a tonne have eased the pressure on smelters, said Antaike, which is forecasting output of around 690,000 tonnes in March. ShFE copper inventories have now clocked straight weekly gains since Jan. 10, although the bourse did not report numbers for the extended Lunar New Year holiday in late January and early February. Zinc and aluminium stocks are on an even longer rising streak stretching back to Dec. 27. Zinc stocks rose 4.6% in the past week to their highest since April 2017, while aluminium stocks added a hefty 8.4% to more than half a million tonnes, the most since May 2019. China’s car-manufacturing industry – a big user of steel, copper and aluminium – is still struggling, especially in coronavirus epicentre Wuhan, which accounts for almost 10% of vehicle output and is home to hundreds of auto parts suppliers. Passenger car production in China plunged 86.4% year-on-year in February.
Source : hellenicshippingnews
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