Copper Inventories in Shanghai Bonded Zone Fall This Week, SMM Reports

SHANGHAI, Feb 9 - The average daily spot price of SMM1# copper was 71,070 yuan/mt on the first day after the Spring Festival, an increase of 570 yuan/mt from January 28, and the closing price of SHFE copper was 70,430 yuan/mt, an increase of 140 yuan/mt.

As Europe’s largest refined zinc producer Nyrstar decided to cut output in the fourth quarter due to the soaring electricity prices in Europe and the significant increase in carbon emissions-related costs, the market concerns of inflation caused by the global energy crisis has risen sharply. And the sharp growth in the cost of industrial products will gradually be passed onto the prices.

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.