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SHANGHAI, Mar. 10 (SMM) – Copper inventories in China’s bonded area have been climbing after the 2016 Chinese New Year holiday from Feb. 7-13, SMM latest survey finds.
“The surge in bonded inventories, recently reaching 480,000 tonnes, is due largely to easing of Chinese yuan’s depreciation and unfavorable SHFE/LME copper price ratio,” SMM copper analyst points out.
According to SMM data, the price ratio has been unfavorable for imports in a recent half-and-one month, creatingbig import losses, which expanded to 1,581 yuan per tonne on Mar. 2.
Moreover, domestic copper smelters chose to export copper into bonded area due to the falling ratio and ballooning inventories in China’s domestic market, also contributing to the growth in bonded area, SMM adds.
In late 2015, copper inventories in China’s bonded area fell fast because of high ratio from Chinese yuan’s devaluation, and briefly dropped to around 350,000 tonnes, the lowest since February 2012, SMM data shows.
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