China copper inventories drop the fastest in 32 months

• Aluminium stockpiles fell 8% over the week to 296,305 tonnes, their lowest since Jan. 23, while zinc inventories eased 3.5% to near a four-month low of 107,445 tonnes.

SINGAPORE: Copper inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) this week fell the most since September 2017, exchange data showed, as demand picked up in top consumer China.

Copper inventories in ShFE warehouses dropped 17.5% to 144,988 tonnes in the week to May 29, the fastest weekly drop in more than two and a half years, as China's economy ramps up after emerging from its coronavirus lockdown.

Lead inventories in ShFE warehouses rose 16.5% over the same period to 8,622 tonnes in the biggest jump since Feb. 14, the data showed.

Aluminium stockpiles fell 8% over the week to 296,305 tonnes, their lowest since Jan. 23, while zinc inventories eased 3.5% to near a four-month low of 107,445 tonnes.