Domestic Bonded Copper Inventories Decline Further as Arrivals Remain Limited

Published: Aug 16, 2024 16:48

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According to SMM research, domestic bonded copper inventory declined by 3,700 tonnes from the previous week (August 8) to 83,900 tonnes on Thursday (August 15). Among them, the bonded inventory in Shanghai decreased by 3,100 tonnes from the previous week to 80,900 tonnes, while the bonded inventory in Guangdong decreased by 600 tonnes to 3,000 tonnes. The continuous drawdown of bonded warehouse inventory this week was mainly due to the successive inflow of warehouse receipts previously traded into the domestic market. Looking ahead, there will not be many arrivals of electrolytic copper in August, most of which will be directly arranged for import, and domestic mainstream smelters have no export plans for the time being. It is expected that bonded warehouse inventory will continue to decline.

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