Shanghai bonded copper stocks added 16,000 mt on week

SHANGHAI, Oct 23 (SMM) — Stocks of copper in Shanghai bonded areas increased for the twelfth consecutive week, as overseas arrivals increased.

SMM data showed that the stocks expanded 16,000 mt from the prior week to 346,000 mt as of Friday October 23.

High SHFE Copper prices suppressed domestic consumption, and terms of trade was unlikely to recover. The import loss once expanded to more than 700 yuan/mt with sluggish import demand for customs declaration. The traders shipped their cargoes to bonded warehouses. This also accounted for the continuous increase of bonded inventories.