SHANGHAI, Feb 10 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals.
SMM data showed that the stocks rose 5,800 mt from the prior week to 350,300 mt as of Wednesday February 10.
As the CNY approaches, foreign trade market is tepid, and the enthusiasm for customs declaration and import is not high when spot imports are at a loss. In addition, as truck drivers returned home for the holidays in advance, the efficiency of transportation and outbound links was dragged down, and the outbound volume declined. A small number of arrival bills of lading into the warehouse will drive stocks in the bonded area to increase. Affected by the CNY holiday, it is expected that inventories in the bonded area will continue to rise.