SHANGHAI, Apr. 6 (SMM) - Copper inventories on the SHFE are expected to slide further in April, SMM predicts, citing lower imports and peak demand season for copper.
The SHFE/LME copper price ratio fell after the 2016 Chinese New Year holiday, closing import window for copper. Considering shipment period, China’s copper imports in April should fall, says on SMM analyst.
April is a high-demand month for copper, though domestic copper demand is weaker compared with the same period of 2015.
“Meanwhile, delivery to the State Reserve Bureau (SRB) will last until April 29, and this will also help reduce copper inventories.” the analyst added.
SHFE copper inventories have been falling over the past two weeks by a total of 26,000 tonnes, SMM understands.
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