Shanghai bonded copper stocks fell 25,000 mt on week

Published: May 22, 2020 14:26

Save

Stocks of copper across Shanghai bonded area continued to fall sharply this week as high import profits prompted traders to move bonded cargoes to the domestic market. The import arbitrage window had kept open for a month.

SHANGHAI, May 22 (SMM) – Stocks of copper across Shanghai bonded area continued to fall sharply this week as high import profits prompted traders to move bonded cargoes to the domestic market. The import arbitrage window had kept open for a month.

SMM data showed that the stocks decreased 25,000 mt in the week ended May 22 to 210,000 mt, marking the ninth consecutive week of decline. The bonded stocks shrank an accumulative 130,000 mt over the past nine weeks.

Consumption in the domestic market slowed down and the import arbitrage window closed this week. But SMM expects the decline in copper bonded stocks to sustain for about two weeks and a rebound in the inventories is expected after two weeks.

Inventory data Copper

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

18 hours ago

[SMM Analysis] The "Counter-Cyclical" Logic of Copper Smelting: When Sulfuric Acid Becomes the Main Product

[SMM Analysis: The "Counter-Cyclical" Logic of Copper Smelting: When Sulfuric Acid Becomes the Main Product]

18 hours ago

19 hours ago

BC Copper 2604 Closed Lower with a Wide Trading Range, Pressured by Both Geopolitics and Interest Rate Cut Expectations [SMM BC Copper Commentary]

19 hours ago

Inner Mongolia Approves 500 kV Project, Boosting Ordos City's Power Grid in 14th Five-Year Plan

Recently, the 500 kV transmission and transformation project of Jiri (Kusha II) was officially approved by the Energy Bureau of Inner Mongolia Autonomous Region, marking a good start for the power grid construction of Ordos City in the first year of the 14th Five-Year Plan. The project is located in the territory of Hangjin Banner, with a total investment of 1.52554 billion yuan. It is a key hub project to ensure the output and consumption of new energy power in the northwestern region of Hangjin Banner. The project plans to build one 500 kV substation and about 194 km of 500 k V lines, which will pass through Hangjin Banner and Dalad Banner.

19 hours ago