SHANGHAI, Jul 14 (SMM) - Copper Inventories on the Shanghai Futures Exchange (SHFE) fell 49,101 tonnes in June, while copper stocks in bonded area fell about 40,000 tonnes. Meanwhile, China’s unwrought copper and copper semis imports were a high of 420,000 tonnes in June, up 20.34% year-on-year, according to China Customs.
What’s behind the big decline in China’s copper stocks despite soft demand and high imports?
Copper inventories at LME’s Asia-based warehouses added nearly 80,000 tonnes from June, SMM finds.
“These copper imports are believed to have been re-exported to LME warehouses, and that’s why China’s copper inventories declined despite soft demand.” one SMM copper analyst said. “Copper inventories at LME warehouses may continue to grow in the near term.”
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