Shanghai bonded copper stocks fell for 1st time in 5 week

SHANGHAI, Jun 24 (SMM) – Stocks of copper in Shanghai bonded areas declined this week, after four consecutive weeks of gains, as demand for imported copper improved after the arbitrage window reopened.

SMM data showed that the stocks fell 8,000 mt from last Friday June 19 to 209,500 mt as of Wednesday June 24, following a build of 1,300 mt in the prior week.

Spot copper premiums in China’s domestic markets remained high as social inventories extended their decline on tight supply and healthy consumption.

That increased the ratio to prices overseas, and boosted demand for imported copper.