SMM: data released by LME show that as of September 14, LME copper cancellation warehouse receipts increased for three consecutive days to 38325 tons, and the proportion of write-off soared to 51.19%. Registered warehouse receipts fell to 36550 tons in a row.
Since the middle of May this year, LME copper inventory has continued to decline, and broke 80, 000 tons in early September, constantly refreshing the lowest level since the end of 2005, continuing to provide support for the trend of Lun Copper. Lun copper inventories rebounded at a low level last week, but with the sharp decline in registered warehouse receipts and the increase in written-off warehouse receipts, Lun copper inventories have embarked on the road of elimination again in recent days.
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