Shanghai bonded copper stocks dipped as Feb rate cut drove copper import financing

SHANGHAI, Mar 6 (SMM) – Stocks of copper across Shanghai bonded area declined this week, after rising for four consecutive weeks after the Lunar New Year holiday, as imports as financing regained favour after the Federal Reserve’s interest rate cuts lowered financing costs.

SMM data showed that Shanghai bonded copper stocks decreased 3,500 mt in the week ended March 6 to 333,800 mt, after an increase of 6,800 mt in the previous week.

Besides, port congestion has eased, speeding up the deliveries to bonded warehouses and domestic markets.