London Metal Exchange
On January 8, with the exception of the stock levels of tin, the inventory levels of all base metals declined on the London Metal Exchange (or LME).
Copper stock levels declined
On January 8, the stock levels of copper on the LME declined 0.57% and reached 236,650 tons. The highest stock level of copper in recent times was recorded as 371,250 tons on August 28, 2015, and the level has fallen by 36.25% since then.
The inventory levels of aluminum on the LME have been in a downtrend since the beginning of 2015. On January 8, the stock levels of aluminum dropped 0.2% to 2,871,100 tons. In the week ended January 2, 2016, the LME aluminum inventory levels fell by 0.6% to 2,895,525 tons. In 2015, the aluminum stock levels in LME declined by 31.7%.
Inventory levels of nickel and zinc declined
The stock levels of nickel on the LME decreased by 0.9% in the week ended January 2, 2015, and reached 441,294 tons. On Friday, the inventory levels of nickel declined 0.06% and reached 438,576 tons. The LME stock levels of nickel reached a low of 393,228 tons on December 9 and rose 11.5% from that low.
In the week ended on January 2, the stock levels of zinc on the LME fell by 3.9% and reached 470,975 tons. On Friday, January 8, the stock levels of zinc dropped 0.2% and reached 455,200 tons. The recent peak inventory level of zinc reached 617,325 tons on September 15, 2015, and has dropped by 26.3% since then.
Stock levels of tin increased
The inventory level of tin declined 8% and reached 6,140 tons in the week ended January 2, 2016. On January 8, the stock levels of tin increased 0.8% and reached 6,295 tons. The inventory levels of tin in LME declined 49% in 2015.
The stock levels of lead decreased 0.05% and reached 191,175 tons on Friday. Base metal miners Freeport-McMoRan (FCX), Glencore (GLNCY), Alcoa (AA), and BHP Billiton (BHP) declined by 3.5%, 0.9%, 2.4%, and 2.2%, respectively, on January 8. The SPDR S&P Metals & Mining ETF (XME) dropped 2.7% on Friday.