Copper stocks in domestic bonded zones decreased

According to the SMM survey, as of Thursday (September 12), copper stocks in domestic bonded zones decreased by 2,700 mt WoW (from September 5) to 67,300 mt. Specifically, Shanghai bonded stocks decreased by 2,500 mt WoW to 64,600 mt; Guangdong bonded stocks decreased by 200 mt WoW to 2,700 mt. This week's bonded warehouse stocks continued to decline, marking the sixth consecutive week of weekly destocking. Due to the recent improvement in the SHFE/LME price ratio, some downstream players seized the opportunity to make purchases, combined with the cost-effectiveness of warehouse warrants before the National Day holiday, warrant transactions increased, and the continued inflow of copper cathode into domestic trade from the bonded warehouse. Moreover, as the export window remains closed, arrivals in the bonded warehouse were limited. Looking ahead, as most imported copper cathode arriving at ports has already been directed for direct import, bonded warehouse stocks are expected to continue to decline.