Shanghai bonded copper stocks fell 10,700 mt on week

Published: Jan 8, 2021 17:00

Save

Stocks of copper in Shanghai bonded areas decreased on smaller arrivals.

SHANGHAI, Jan 8 (SMM) — Stocks of copper in Shanghai bonded areas decreased on smaller arrivals.

SMM data showed that the stocks fell 10,700 mt from the prior week to 353,300 mt as of Friday January 8.

Arrivals at port are limited due to delays in overseas shipments and strict domestic quarantine links. Shipments increased at the same time as term of trade opened at the beginning of this week, and the profit space of spot imports appeared. The demand in the foreign trade market has improved significantly from the previous year with abundant financing quota. Buyers are actively seeking warehouse receipts and recent arrival bills of lading. The premium of Yangshan Copper has also rebounded sharply. The increase in customs declaration imports led to a decline in inventories.

Copper Inventory data Shanghai bonded area

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

5 hours ago

NY Fed's Williams Affirms Steady Rates, Cautions War Risks Inflation and Economic Slowdown

New York Fed President Reaffirmed Stance of Holding Rates Steady, but Warned That a Prolonged War Could Simultaneously Push Up Inflation and Weigh on Economic Growth.Williams, President of the Federal Reserve Bank of New York and often referred to as the "third-ranking official" at the US Fed, said Thursday that the current monetary policy stance was "well positioned" to handle the risk of a sustained supply shock that could arise from the war in the Middle East. He warned that the conflict could push up inflation while suppressing economic activity, creating a dual pressure.

5 hours ago

KGHM CEO Seeks Mine Investments in Europe, Morocco to Secure Supply and Cut Costs

The CEO of copper producer KGHM stated that the company was seeking to invest in mines in Europe and Morocco to secure ore supply near its Polish smelting base and reduce logistics costs. In addition to its domestic assets in Poland, KGHM also operates the Robinson mine in the US and holds a 55% stake in the Sierra Gorda project in Chile. Last month, the company signed a memorandum on raw material cooperation with Morocco's National Office of Hydrocarbons and Mines and Moroccan mining company Managem Group.

5 hours ago

Pakistan Facilitates US-Iran Talks, Awaits Next Round Date; Hopes for Regional Peace

Pakistan's Foreign Ministry spokesperson Andrabi stated that the date for the next round of US-Iran talks had not yet been determined. Andrabi said that Pakistan was playing an important role between the US and Iran. Pakistan's efforts led to the successful conclusion of a ceasefire agreement between the US and Iran, and it was hoped that Lebanon and the region would return to peace.

5 hours ago