SHANGHAI, Mar 1 (SMM) – Copper stocks across Shanghai bonded areas extended their increase by 26,200 mt from Friday February 22, to stand at 505,000 mt as of Friday March 1, SMM data showed.
This followed after stocks grew 17,800 mt week on week as of Friday February 22. Compared with Monday February 11, the first week post-CNY, stocks expanded by 56,800 mt as of March 1.
Import losses deterred importers from moving bonded materials into the domestic market. This, coupled with greater exports by domestic smelters, accounted for the increase in bonded stocks this week.
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