SHANGHAI, Jun. 1 (SMM) - Copper inventories on the SHFE fell 36122 to 221212 tonnes in the week ending May 27, according to the Shanghai Futures Exchange. Declines in SHFE copper inventories reached 44% from March 18.
Import losses since the start of this year and falling domestic supplies are the main reasons behind the drop, SMM says.
“Copper output at domestic copper smelters saw slower growth in the first four months of this year compared with the same period of last year. They slowed shipments to Shanghai due to spot discounts most of the time from the start of the year.” one SMM copper analyst explained.
Downstream buyers turned to SHFE copper inventories because of falling copper imports and domestic supplies. Meanwhile, delivery to the State Reserve Bureau and dip-buying also caused slide in SHFE copper inventories, the analyst added.
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