Copper inventories in domestic bonded zones recorded growth

According to the SMM survey, as of Thursday (October 24), copper inventories in domestic bonded zones increased by 500 mt WoW (from October 17) to 56,700 mt. Among them, Shanghai bonded inventories increased by 1,400 mt WoW to 52,400 mt; Guangdong bonded inventories decreased by 900 mt WoW to 4,300 mt. Last week, bonded warehouse inventories rebounded from the bottom, mainly due to low purchase willingness in the downstream imported copper market, forcing arriving copper cathode into bonded warehouses. Looking ahead, with a large amount of copper cathode expected to arrive at month-end, it may continue to enter bonded warehouses, and bonded warehouse inventories are expected to continue increasing.