Singapore 06/05/2016 - Deliverable copper stocks at Shanghai Futures Exchange warehouses rose 1,274 tonnes or 0.4 percent week-on-week to 313,168 tonnes as of May 6, according to data from the exchange. This the first increase since late-March after six consecutive weeks of decline.
This week, SIPG Logistics in Shanghai saw the most copper arrivals, with 4,679 tonnes entering its sheds.
The increase may be due to an earlier delivery against the May copper contract and demand slowing from April's seasonal peak, market participants said..
But it is too early to determine whether the increase marks the start of a new trend - this week's rise is slight and the arb window between Shanghai and London remains closed, a Shandong-based metals analyst noted.
SHFE copper inventories surged from mid-January till mid-March, reflecting the earlier period when the arb window between the two locations was open. The arb window has been closed since late January; copper stocks have fallen 21.5 percent or 82,883 tonnes between March 21 and April 29.
Copper stocks in Shanghai's bonded warehouses have continued to climb in April due to the unfavourable arbitrage. Bonded stocks rose ten percent month-on-month to 580,000-610,000 tonnes by the end of April, according to FastMarkets survey.
In other metals, aluminium warehouse stocks fell 7,762 tonnes to 301,439 tonnes and zinc inventories decreased 5,271 tonnes to 254,278 tonnes this week.
Lead stocks rose 2,654 tonnes to 23,432 tonnes, nickel inventories climbed 3,478 tonnes to 87,365 tonnes and tin stocks increased 490 tonnes to 2,223 tonnes.
(Editing by Mark Shaw)