SHFE weekly inventories: copper down 19,606t, aluminium down 24,114t

Broad, simultaneous drawdowns across six SHFE base metals point to a demand or supply dynamic affecting the complex as a whole rather than a single-metal story, which makes the uniformity more notable than any individual figure. The contrast with natural rubber's build suggests the tightness is industrial-metals specific rather than a general inventory cycle. Whether these declines reflect genuine consumption or stock relocation is the open question, and next week's print will show if the drawdown is sustained or a one-off.