SHANGHAI, Dec 25 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals.
SMM data showed that the stocks rose 1,500 mt from the prior week to 350,500 mt as of Friday December 25. The value as of December 18 is revised to 349,000 mt.
Shanghai bonded copper stocks ended the four-week continuous downward trend. The trading atmosphere in the domestic and foreign markets has weakened before year-end. Import losses fluctuated between 200-350 yuan/mt on week, which was difficult to support the demand for customs declaration imports. Arrivals flowed into the bonded area successively. In addition, shipments have also declined due to the suspension of invoicing at the end of the year and the delay in customs declaration procedures. This also accounted for the increase in inventories.