SHANGHAI, Nov 27 (SMM) — Stocks of copper in Shanghai bonded areas started to decrease after sixteen consecutive weeks of increase.
SMM data showed that the stocks fell 2,700 mt from the prior week to 367,000 mt as of Friday November 27.
The import loss has gradually improved since last week, and the spot import profit directly boosted the import demand for customs declaration. The buyers in the foreign trade market actively sought warehouse receipts and recent arrival bills of lading. Yangshan copper premium rebounded significantly, and the market customs declaration imports increased, leading to the decline in stocks.