Shanghai bonded copper stocks added 4,300 mt on week on weakened domestic consumption

Aug 7, 2020 13:12

Source:SMM

Stocks of copper in Shanghai bonded areas returned to the expansionary territory as domestic consumption weakened and widened discounts of copper scrap squeezed demand for refined copper. SMM data showed that the stocks added 4,300 mt from last Friday July 31 to 219,800 mt as of Friday August 7.

SHANGHAI, Aug 7 (SMM) – Stocks of copper in Shanghai bonded areas returned to the expansionary territory as domestic consumption weakened and widened discounts of copper scrap squeezed demand for refined copper.
SMM data showed that the stocks added 4,300 mt from last Friday July 31 to 219,800 mt as of Friday August 7.
This week, the import arbitrage window remained closed and the demand for seaborne copper was weak. This also accounted for the rebound in the bonded inventories.

Inventory data

Copper

Shanghai bonded zone

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Shanghai bonded copper stocks added 4,300 mt on week on weakened domestic consumption

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