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Shanghai bonded copper stocks added 3,800 mt on week
Stocks of copper in Shanghai bonded areas increased for the third week, as domestic consumption was still in a low season and widened discounts of copper scrap squeezed demand for refined copper.
SHANGHAI, Aug 21 (SMM) —Stocks of copper in Shanghai bonded areas increased for the third week, as domestic consumption was still in a low season and widened discounts of copper scrap squeezed demand for refined copper.
SMM data showed that the stocks expanded 3,800 mt from the prior week to 232,900 mt as of Friday August 21.
Most of the traders shipped part of their cargoes to bonded warehouses as import losses were mainly above 500 yuan/mt this week. This also accounted for the rise in the bonded inventories.
Copper
Inventory data
Shanghai bonded area
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