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London Metal Exchange: Base Metal Inventory Update

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Base metal inventories

On January 21, the inventory levels of all base metals decreased except the stock levels of copper on the London Metal Exchange (or LME). The inventory levels of LME tin had the biggest fall out of all base metal stock levels in LME, falling by 2.92%.

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Copper stock levels increased

On January 21, the stock levels of copper increased by 1.2% and reached 238,125 tons. The highest recent stock level of copper was recorded as 371,250 tons on August 28, 2015, and has fallen by 35.86% since then.

The inventory levels of LME aluminum have been in a downtrend since the beginning of 2015. On January 21, 2016, the stock levels of aluminum decreased by 0.21% to 2,836,450 tons. In the week ended January 16, the LME aluminum inventory levels fell by 1% to 2,841,250 tons. Last year, the LME aluminum stock levels declined by 31.7%.

The inventory levels of nickel and zinc declined

The stock levels of LME nickel decreased by 1% in the week ended January 16 and reached 434,244 tons. On Thursday, January 21, the inventory levels of nickel decreased by 0.05% and reached 450,768 tons. The stock levels of LME nickel reached a low of 393,228 on December 9, 2015, and rose 14.63% from that low.

In the week ended January 16, the stock levels of zinc in LME fell by 2% and reached 455,200 tons. On Thursday, the stock levels of zinc fell 0.07% and reached 482,325 tons. The recent peak inventory level of zinc was at 617,325 tons on September 15, 2015, and has dropped by 21.87% since then.

The stock levels of tin and lead decreased

The inventory level of tin decreased by 2.92% and reached 5,980 tons on January 21. In the week ended January 16, the stock levels of tin decreased 2.4% to 6,145 tons. The inventory levels of LME tin declined by 49% in 2015.

The stock levels of lead decreased by 0.04% and reached 187,325 tons on January 21. The base metal miners Freeport-McMoRan (FCX), Glencore (GLNCY), BHP Billiton (BHP), and Rio Tinto (RIO) gained 6.4%, 11.3%, 8.4%, and 5.15%, respectively, on Thursday.

The SPDR S&P Metals & Mining ETF (XME) gained 2.23% on Thursday, January 21.

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