Shanghai bonded copper stocks jumped 20,500 mt in the pre-CNY week

SHANGHAI, Jan 23 (SMM) – Copper stocks across Shanghai bonded areas jumped this week, as the upcoming Chinese New Year holiday and closed import arbitrage window muted trades and as shipments under bill of lading arrived.

SMM data showed that the stocks increased 20,500 mt from last Friday January 17 to 292,500 mt as of Thursday January 23.

The stocks have risen for six consecutive weeks, with the past three weeks seeing substantial gains of a cumulative volume of 44,500 mt.