Copper news, page-15

11SHANGHAI, Aug 30 – According to the monthly report released by the International Copper Study Group (ICSG), as of the end of July 2022, the copper stocks held at the three major metal exchanges (LME, SHFE and COMEX) totalled 233,300 mt, a month-on-month decrease of 7.6% from the 252,520 mt at the end of June. Meanwhile, the total inventory recorded an increase of 42,370 mt or 22% compared with that at the end of December 2021. Specifically, copper stocks were up at the LME (+48%) and COMEX (+2%) and down at SHFE (-3%).SHANGHAI, Aug 31 - From August 22 to August 28, the copper scrap throughput of East China Nonferrous Metals City was about 22,000 mt, a week-on-week increase of 29.15%. I read somewhere that LME inventory level is such that potentially if supply stopped, then is about 3 days from a stock out event, but don't quote me on that.here is another article dated the 24th AugAll base metals stocks currently stand at multi-year lows, with some market participants telling Fastmarkets “that they are currently at their lowest level in the 21st century”.Base metals stocks in LME warehouses totalled 400,302 tonnes on Wednesday August 17 – a gigantic 58% decrease since the beginning of the year.The gravity of the current supply situation has not reached all consumers, traders say.“My concern is that some people in the market, particularly consumers, are sleepwalking at the moment,” one told Fastmarkets, adding that they were especially worried that “when the markets get back to normal activity in September, people are going to panic.”The situation is particularly acute in copper, where tight stock levels has been exacerbated by a market increasingly avoiding Russian metal.It’s estimated that more than half the copper warrants in LME warehouses could be of Russian origin, but “none of our customers are willing to take Russian material, which limits what we can offer,” a trader told Fastmarkets.“While stocks have rallied from the 2021 lows, things in copper could get nasty again,” another trader said.“Going back to the 2021 levels is not out of the question.”ICSG: Copper Inventory in Three Major Exchanges down 7.6% MoM in July See Above ^It is what it is!