Copper inventories in the domestic bonded zones

As of Friday November 3, copper inventories in the domestic bonded zones decreased 6,500 mt from October 27 to 16,600 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 5,200 mt to 13,400 mt, while inventories in the Guangdong bonded zone dipped 1,300 mt to 3,200 mt. The long open import window translated to the decline in bonded zone inventories. As premiums in China’s domestic spot markets continued to decline last week, the import profit versus spot copper in Shanghai shrank. The drop of bonded inventories will continue to slow down this week. Most of the warrants with a delivery date of November have been purchased by the market. Copper inventories in bonded zones are unlikely to accumulate until around December.