Shanghai bonded copper stocks added 15,500 mt on week

SHANGHAI, Sep 11 (SMM) — Stocks of copper in Shanghai bonded areas increased for the sixth consecutive week, as domestic consumption remained weak.

SMM data showed that the stocks expanded 15,500 mt from the prior week to 265,000 mt as of Friday September 11.

Terms of trade maintained a loss of about 700 yuan/mt with the sluggish demand for export. Most of the traders shipped their cargoes to bonded warehouses and waited for the rebound of the price ratio in the following weeks. This also accounted for the continuous increase of bonded inventories.