Copper inventories in the domestic bonded zone increased 700 mt from April 28 as of Friday May 5, and stood at 159,300 mt, according to the latest SMM survey. Inventory in the Guangdong bonded zone dipped 300 mt to 16,000 mt, and inventory in the Shanghai bonded zone grew 1,000 mt to 143,300 mt.
Recently, the import losses have shrunk, incentivising traders to sell their cargoes. Shipments under warrants thus increased. Meanwhile, any growth in shipments arrivals under bill of lading will be insignificant before mid-May, and some cargoes will be directly purchased by downstream users. As such, bonded zone inventories will fall next week.
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