SHANGHAI, Jul. 22 (SMM) – Copper inventories held by Chinese traders declined in June, but are expected to grow in July, SMM copper research team says.
Copper stocks in bonded warehouses showed limited changes in June as goods entered into bonded areas were almost equal to those shipped out, SMM learned.
In China’s local markets, inventories continued falling in Shanghai and Guangdong in June, with those in Shanghai off by nearly 40% from May. “Smelter maintenance and dip-buying by copper fabricators following price plunge combined to push down inventories in June,” SMM analyst says, “but July may witness an inventory rise with demand waning in an offseason.”
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