Copper Inventories in Shanghai Bonded Zone Grow for 2 Weeks, SMM Reports 

Commerzbank said on Thursday December 2 that it expects that by the end of next year, the copper prices should be trading around $9,500/mt.

The copper prices surged again after the National Day holiday. The US dollar index fell below 94 from a high of 94.5. The US crude oil prices have jumped to $82/barrel after rising for more than one month, driving a rally in the global industrial product prices. The global copper inventories are at a historical low. The LME copper cash-to-three-month backwardation expanded rapidly to $257/mt after breaking through $100/mt, setting a new high since 2007. LME copper exceed $10,000/mt to a high of $10,300/mt, with a weekly increase of 9.25%.

Inventories of refined nickel in the Shanghai bonded areas decreased 1,500 mt from a week ago to 11,300 mt as of March 26, showed SMM data.

Inventories of refined nickel in the Shanghai bonded areas rose 1,000 mt from a week ago and stood at 24,300 mt as of November 6, showed SMM data.

Stocks of copper in Shanghai bonded areas returned to the expansionary territory as domestic consumption weakened and widened discounts of copper scrap squeezed demand for refined copper.  SMM data showed that the stocks added 4,300 mt from last Friday July 31 to 219,800 mt as of Friday August 7.

The table below shows copper inventories on the COMEX on October 12.

The table below shows copper inventories on the COMEX on September 28.

The table below shows copper inventories on the COMEX on Sept. 25.

Copper inventory in Shanghai bonded zone grew slightly as of September 15 from the previous week, SMM reported.

Copper inventories in Shanghai bonded zone grew slightly as of September 8 from the previous week, SMM reported.