Copper stocks in the domestic bonded zone increased by 1,900 mt WoW

According to SMM survey, as of July 4, copper stocks in the domestic bonded zone increased by 1,900 mt from June 27 to 97,100 mt. Among them, Shanghai bonded stocks increased by 2,300 mt WoW to 93,000 mt; Guangdong bonded stocks decreased by 400 mt WoW to 4,100 mt. According to SMM, copper that was originally planned for exports in June failed to be shipped in time due to transportation and other factors, but they are now being sent to bonded zone. Looking ahead, major domestic smelters have no export plans in July, and attention will be paid to the trend of the SHFE/LME price ratio. The bonded warehouse may begin a destocking cycle.