Shanghai bonded copper stocks rose for 2nd week in closed import window

SHANGHAI, Jul 17 (SMM) – Stocks of copper in Shanghai bonded areas increased for a second straight week this week, due to limited flows to the domestic market with the import arbitrage window closed for much of the week.

Domestic demand for copper cathode, meanwhile, weakened following the onset of a slack season and as high futures prices subdued demand. Improved appeal of copper scrap also gave a hit to demand for cathode.

SMM data showed that the stocks rose 2,500 mt in the week ended July 17 to 212,500 mt, following a 1,500 mt gain in the prior week.