Singapore 29/04/2016 - Deliverable copper stocks at Shanghai Futures Exchange warehouses dipped 19,795 tonnes or six percent week-on-week to 311,894 tonnes as of April 29, making this the sixth consecutive week of decline, according to data from the exchange.
This week, Zhongchu Dachang in Shanghai saw the most copper exits, with 12,035 tonnes leaving its sheds.
Total copper stocks have fallen 21.5 percent or 82,883 tonnes over the past six weeks.
The decline was in line with expectations of market participants after arbitrage opportunities between Shanghai and London ended as of late-January. SHFE copper inventory surged from mid-January till mid-March when the arb window between the two locations was open.
The fall in inventory also reflects improved demand - the second quarter is usually the peak period for Chinese consumption - as well as Chinese copper smelters delivering metal into London Metal Exchange-registered warehouses in Southeast Asia to secure attractive incentives on some brands, industry watchers said.
In other metals, aluminium warehouse stocks fell 10,180 tonnes to 309,201 tonnes and zinc inventories decreased 7,798 tonnes to 259,549 tonnes this week.
Lead stocks rose 1,331 tonnes to 20,778 tonnes, nickel inventories climbed 3,758 tonnes to 83,887 tonnes and tin stocks increased 304 tonnes to 1,733 tonnes.
(Editing by Mark Shaw)