Stocks registered with the Shanghai Futures Exchange (SHFE) fell by 20,542t to 41,102t in the week to Thursday. The headline figure is still showing a (Western) year-to-date increase of 22,520t but it is now well off the high of 99,377t recorded just after the Lunar New Year holidays.
The sharp post-holiday attrition in stocks suggests very robust underlying demand for metal in the country, particularly considering exports of primary metal have been so low this year. The flip side is the sharp pick-up in exports of products—thanks to differentials in the export tax—and it may be we’re in for a further surge in such exports ahead of an expected clamp-down by the Chinese authorities.
LME stocks fell for the first time this week, largely thanks to accelerated outflow at Singapore. However, cancelled tonnage is falling back to ultra-low levels, suggesting an imminent re-slowing in draw activity in the days ahead.
NYMEX-warranted stocks fell by 154 tons to 12,503 tons (11,343 metric) thanks to movement from Toledo. Off-warrant stocks continue to trend lower, falling yesterday to a fresh 2007 low of 62,325 pieces.
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