Shanghai bonded copper stocks fell 10,700 mt on week

SHANGHAI, Jan 8 (SMM) — Stocks of copper in Shanghai bonded areas decreased on smaller arrivals.

SMM data showed that the stocks fell 10,700 mt from the prior week to 353,300 mt as of Friday January 8.

Arrivals at port are limited due to delays in overseas shipments and strict domestic quarantine links. Shipments increased at the same time as term of trade opened at the beginning of this week, and the profit space of spot imports appeared. The demand in the foreign trade market has improved significantly from the previous year with abundant financing quota. Buyers are actively seeking warehouse receipts and recent arrival bills of lading. The premium of Yangshan Copper has also rebounded sharply. The increase in customs declaration imports led to a decline in inventories.