Copper stocks in China’s domestic bonded zones increased

According to an SMM survey, as of Thursday (May 23), copper stocks in China’s domestic bonded zones increased by 9,100 mt to 99,800 mt compared to May 16. Shanghai bonded stocks increased by 7,500 mt to 92,800 mt, and Guangdong bonded stocks increased by 1,600 mt to 7,000 mt. The continuous increase in bonded zone stocks was mainly due to significant import losses, especially for long-term contracts, forcing some sources into bonded warehouses. The previous COMEX short squeeze risk has led to large buyers actively acquiring bonded warehouse warrants, which will gradually leave the warehouses. Meanwhile, the copper cathode exported by mainstream domestic smelters in May will also gradually arrive, keeping bonded stocks at high levels.