* ShFE copper stocks rise seen temporary as demand is good - analyst
* Lead stocks fall for the 1st time in nearly three months
* Aluminium inventories extend decline on solid consumption
By Mai Nguyen
SINGAPORE, May 15 (Reuters) - Copper inventories in warehouses tracked by the Shanghai Futures Exchange (ShFE) rose for the first time in two months this week, latest exchange data showed, as imports of the metal lowered demand for domestic stocks.
Copper inventories in ShFE warehouses CU-STX-SGH rose 2.3% to 208,890 tonnes in the week to May 15, the first weekly rise since mid-March, the data showed on Friday.
In April, copper stocks in ShFE warehouses saw their biggest monthly decline since September 2017 as demand in China improved after it lifted coronavirus-led restrictions.
Investors found it profitable to buy the international copper contract and simultaneously sell the ShFE contract, often called an open arbitrage window, creating an inflow of imported metals to China, traders and analysts said.
ShFE stocks, however, might fall next week as demand from end-users in China continued to improve, said a China-based analyst, who declined to be named due to company policy.
Lead PB-STX-SGH stocks climbed 11.9% over the week to 7,211 tonnes, the first rise in nearly three months. Inventories of the metal, used mostly in making car batteries, last week hit their lowest since October 2018.
Aluminium stocks in ShFE warehouses AL-STX-SGH extended their downward trend, falling 9.4% in the period to a three-month low of 352,342 tonnes, amid solid demand in China - the world’s biggest user and producer of the light metal.
Nickel SNI-TOTAL-W and tin SSN-TOTAL-W stocks eased slightly during the week, while zinc inventories ZN-STX-SGH fell 4.9% to 116,022 tonnes in the period. (Reporting by Mai Nguyen; Editing by Aditya Soni)