Domestic Bonded Copper Inventories Fall for Sixth Straight Week, Down 2,700 Tonnes

Published: Sep 13, 2024 11:36

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According to SMM research, domestic bonded copper inventories decreased by 2,700 tonnes week-on-week (from September 5) to 67,300 tonnes on Thursday (September 12). Among them, bonded copper inventories in Shanghai fell by 2,500 tonnes week-on-week to 64,600 tonnes, while those in Guangdong declined by 200 tonnes week-on-week to 2,700 tonnes. This week, bonded warehouse inventories continued to decline, marking the sixth consecutive week of weekly declines. As the price ratio improved in the past two weeks, some downstream enterprises seized the opportunity to receive goods. Coupled with the improved cost-effectiveness of warehouse receipts before the National Day holiday, the transaction volume of warehouse receipts increased, and electrolytic copper in bonded warehouses continued to flow into domestic trade. In addition, due to the continuous closure of the export window, the arrivals at bonded warehouses were relatively low. Looking ahead, as most of the imported electrolytic copper was directly arranged for import, it is expected that bonded warehouse inventories will continue to decline.

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