Copper inventories in the domestic bonded zones grew to 44,500 mt

As of March 7, copper inventories in the domestic bonded zones grew 3,700 mt from February 29 to 44,500 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 1,000 mt to 40,800 mt, and inventories in the Guangdong bonded zone advanced 300 mt to 3,700 mt. The inventory accumulation of domestic bonded warehouses slowed down as expected in the week ending March 8. Copper import was profitable compared to spot copper in Shanghai, stabilising shipments to downstream buyers. The previous reopening of the import window stopped shipments to bonded zone. It is expected that domestic shipments of cargoes sent to bonded warehouses will increase slightly in the week of March 11, but it is unlikely to see an increase in arriving shipments of seaborne cargoes. As the delivery week approaches, it means that cargoes with a quotation period in March will be taken, thus the accumulation of domestic bonded inventory is expected to remain low.