SHFE Warehouse Inventory
Track physical metal stocks and futures settlement prices from the Shanghai Futures Exchange
Silver
Track SHFE silver warehouse inventory. Silver demand in China is driven by industrial applications, solar panels, and investment.
Gold
Track SHFE gold warehouse inventory. China is the world's largest gold consumer, and SHFE stocks reflect domestic physical demand.
Copper
Track SHFE copper warehouse inventory. Copper is China's most traded base metal, critical for construction, electronics, and electric vehicles.
Aluminum
Track SHFE aluminum warehouse inventory. China produces over half the world's aluminum, making SHFE stocks a key global supply indicator.
Zinc
Track SHFE zinc warehouse inventory. Zinc stocks reflect China's galvanizing and infrastructure demand.
Lead
Track SHFE lead warehouse inventory. Lead demand is driven primarily by battery manufacturing in China.
Nickel
Track SHFE nickel warehouse inventory. Nickel is essential for stainless steel production and EV battery cathodes.
Tin
Track SHFE tin warehouse inventory. Tin is critical for electronics soldering, with China being the world's largest consumer.
What Is SHFE?
The Shanghai Futures Exchange (SHFE) is one of the largest commodity futures exchanges in the world and the primary exchange for metals trading in China. It operates approved warehouses across major Chinese cities where physical metals are stored as warrant stocks backing futures contracts. SHFE inventory data is released daily and is closely watched by global traders as a barometer of Chinese physical demand.
Why SHFE Inventory Matters
China is the world's largest consumer of most base metals, accounting for over 50% of global copper, aluminum, and zinc consumption. SHFE warehouse stocks provide direct visibility into Chinese physical supply conditions. Rising inventory may signal weakening demand or increased production, while declining stocks suggest strong consumption. Seasonal patterns around Chinese New Year and construction seasons create predictable inventory cycles that traders use for timing.
Understanding Warrant Stocks
SHFE warrant stocks represent metal that has been issued a warehouse receipt (warrant) and is eligible for delivery against futures contracts. Unlike COMEX which splits inventory into registered and eligible categories, SHFE reports a single warrant stock figure per metal per warehouse. This number is the headline figure that markets focus on, as it represents the deliverable supply available to the futures market.
SHFE Settlement Prices
SHFE publishes daily settlement prices for all futures contracts after each trading session. The settlement price is the weighted average of executed prices during the closing period and is used to calculate daily mark-to-market gains and losses, margin requirements, and delivery invoicing. MetalCharts provides historical settlement data going back to 2020, with per-contract breakdowns including open, high, low, close, volume, open interest, and turnover for each delivery month.
SHFE vs SGE: Futures vs Spot
The Shanghai Futures Exchange (SHFE) and the Shanghai Gold Exchange (SGE) are both major Chinese metals exchanges, but they serve fundamentally different purposes. SHFE trades standardized futures contracts where buyers and sellers agree on delivery at a future date, making it a primary venue for hedging and speculation. The SGE, by contrast, operates spot and deferred-delivery contracts designed for physical acquisition of metals, particularly gold and silver.
Both exchanges are supervised by Chinese regulators — SHFE by the China Securities Regulatory Commission (CSRC) and SGE by the People's Bank of China (PBOC) — but their market functions differ significantly. SHFE attracts speculators, hedgers, and arbitrageurs who may never take physical delivery, while SGE participants are more likely to be refiners, jewelers, and banks seeking actual metal.
For traders and analysts, using SHFE and SGE data together provides a more complete picture of Chinese metals demand. SHFE futures prices and open interest reveal market sentiment and speculative positioning, while SGE spot premiums and physical delivery volumes indicate real-world consumption. When SHFE futures trade at a significant premium to SGE spot prices, it often signals expectations of future supply tightness or strong speculative demand.
Data Sources & Methodology
SHFE publishes weekly warrant stock (inventory) data and daily settlement prices for all listed futures contracts. Warrant stock reports include per-warehouse breakdowns showing the quantity of metal held and day-over-day changes, while settlement data covers open, high, low, close, volume, open interest, and turnover for each delivery month.
MetalCharts sources data from official SHFE data feeds. Inventory data is updated weekly following SHFE's warrant stock publication schedule, and settlement prices are updated daily after market close (typically around 15:00 CST / 07:00 UTC). Historical data is available going back to 2020 for all eight metals tracked on this page.
We present the data in interactive charts with configurable time ranges, alongside tabular views for detailed analysis. For precious metals (gold and silver), inventory figures are converted from kilograms to troy ounces for consistency with international conventions. Base metals (copper, aluminum, zinc, lead, nickel, and tin) are displayed in metric tons as reported by SHFE.
Frequently Asked Questions
- What is SHFE warehouse inventory?
- SHFE (Shanghai Futures Exchange) warehouse inventory is the total amount of physical metal stored in SHFE-approved warehouses across China. These warrant stocks back futures contracts traded on the exchange and are reported daily.
- Why do traders watch SHFE inventory levels?
- China consumes a large share of global base metals. SHFE inventory provides direct visibility into Chinese physical supply conditions. Declining stocks can signal strong domestic demand or supply disruptions, while rising stocks may indicate weakening consumption.
- What is a warrant stock on SHFE?
- Warrant stocks (also called warranted stocks) are metals that have been issued a warehouse receipt (warrant) by an SHFE-approved warehouse. These warrants can be used for delivery against futures contracts. The warrant stock level is the headline number traders monitor.
- How often does SHFE update inventory data?
- SHFE publishes warehouse stock reports daily after market close (typically around 15:00 CST / 07:00 UTC). Reports include per-warehouse breakdowns showing warrant stocks and day-over-day changes.
- How does SHFE inventory compare to LME and COMEX?
- SHFE, LME (London Metal Exchange), and COMEX are the three major metals exchanges. SHFE inventory reflects Chinese domestic supply, while LME and COMEX cover global and US markets respectively. Traders compare all three for a complete picture of worldwide metal supply.