The latest data from the Shanghai Futures Exchange (SHFE) shows that weekly inventories for most of the base metals rose over the reporting week primarily due to weak consumption just ahead of the Lunar New Year holidays, ING's commodity experts Ewa Manthey and Warren Patterson note.

Base metals stocks rise across the board

"Copper stocks rose by 3,789 tons for a third consecutive week to 101,838 tons as of 29 January, the highest since 29 November 2024."

"Zinc inventories increased by 1,282 tons after declining for ten consecutive weeks to 21,781 tons and nickel inventories increased marginally by 101 tons for a third consecutive week to 36,150 tons (the highest since 14 February 2020) over the reporting week."