Shanghai-bonded copper stocks drop 30,000 mt on week

SHANGHAI, Jun 6 (SMM) – Copper stocks across Shanghai bonded areas extended their declines in the week to Thursday June 6 as a shortage of spot copper and an open import arbitrage window triggered an influx of seaborne materials to the domestic market.

SMM data showed that the bonded inventories shrank 30,000 mt from a week ago to stand at 498,000 mt as of Thursday June 6, after a decline of 42,000 mt last week. 

The weaker appeal of copper scrap drove downstream consumers to refined copper. This, together with maintenance across domestic copper smelters in May, tightened supplies of copper cathode.