Shanghai bonded copper stocks rose for 3rd week amid widening import losses

SHANGHAI, Jul 24 (SMM) – Stocks of copper in Shanghai bonded areas increased for the third consecutive week, rising 5,000 mt from a week ago to 217,500 mt as of July 24, showed SMM data. 

Arrival of forward cargoes drove up the bonded inventories while import losses expanded and demand for imports was sluggish this week. 

Domestic consumption of copper weakened as the slack season of July sets in. This, coupled with the price advantage of copper scrap and inflow of copper imports that diverted demand for refined copper, led to the continued increase in copper social inventories.