Shanghai bonded copper stocks added 9,800 mt on week

SHANGHAI, Sep 4 (SMM) — Stocks of copper in Shanghai bonded areas increased for the fifth consecutive week, as domestic downstream consumption remained weak with sluggish demand for copper.

SMM data showed that the stocks expanded 9,800 mt from the prior week to 249,500 mt as of Friday September 4.

Terms of trade maintained a loss of about 500 yuan/mt with the sluggish demand for customs declaration. Most of the traders shipped part of their cargoes to bonded warehouses as the purchase in the overseas market was weak. This also accounted for the continuous rise in the bonded inventories.