Higher Stock for Copper, Lead, Zinc

Copper, lead and zinc inventory held by London Metal Exchange increased sharply. The copper stock increased by 60% from end July to end October while lead stock increased by 75% and zinc stock increased by 27%. The higher stock level pressures on the market price. LME copper stock was 166,975 tonnes at end October, which was 61.3% higher than bottom of July end. The stock increased for North America and Asia. The inventory of Pusan and Gwangyang increased by 92.7% to 75,900 tonnes and the Singapore stock doubled to 15,925 tonnes. The stock in New Orleans increased by more than 50%. LME lead stock reached 40,000 tonnes on November 1 compared with 22,550 tonnes at end September, which represented one day consumption in the world. The stock increased in Europe and Singapore. LME lead settlement price decreased by around 9% from record US$ 3,980 per tonne on October 15. LME zinc stock also increased to 77,075 tonnes at end October, which was half year high as the month end figure. LME zinc settlement hit 2 months low of US$ 2,732 per tonne on November 1.