Shanghai bonded copper stocks extended decline as arbitrage window widely opened

SHANGHAI, Apr 17 (SMM) – Stocks of copper across Shanghai bonded area fell sharply this week, as high spot premiums in domestic markets boosted the appeal of imported copper.

SMM data showed that the stocks decreased 11,300 mt in the week ended April 17 to 316,000 mt, marking the fourth straight week of decline. The stocks fell 6,500 mt in the previous week.

Yangshan copper premiums continued to rise this week, as demand for near-term seaborne copper under bills of lading increased while that for cargoes under warehouse warrants remained stable.