Copper inventories in the domestic bonded zone increased 700 mt from January 5 to 9,100 mt as of Friday January 12, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 600 mt to 7,200 mt, and inventories in the Guangdong bonded zone advanced 100 mt to 1,900 mt. The SHFE/LME copper price ratio is still favourable for imports. There will be shipments from bonded zone inventories after the delivery of the SHFE front-month contract. Any accumulation of domestic bonded zone inventories should be limited.
![Imported supply replenishment combined with widening backwardation, Shanghai spot copper premiums retreat after rapid rise [SMM Shanghai Spot Copper Weekly Review]](https://imgqn.smm.cn/usercenter/KTLHT20251217171714.jpeg)

![Stok sosial tembaga turun menjadi 88.900 mt, Guangdong mencapai titik terendah baru tahun ini [Data mingguan SMM]](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
