Shanghai bonded copper stocks dipped 1,000 mt in closed import arbitrage window

SHANGHAI, Jul 3 (SMM) – Stocks of copper in Shanghai bonded areas fell for a second straight week this week, albeit by a much smaller margin as demand waned in a closed import arbitrage window and due to smaller spot premiums in the domestic market.

SMM data showed that the stocks fell 1,000 mt from last Wednesday June 24 to 208,500 mt as of Friday July 3, compared with a decline of 8,000 mt in the prior week.

The influx of imported copper, together with consumption subdued by high futures prices and wider copper scrap discounts, led to the first weekly increase since late March in copper cathode inventories across Shanghai, Guangdong and Jiangsu this week.