SHANGHAI, Feb 18 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals.
SMM data showed that the stocks rose 1,000 mt from the prior week to 345,300 mt as of Thursday February 18. The previous value was revised to 344,300 mt.
The import window remained closed before the CNY holiday, and the demand for customs declaration was sluggish. Some overseas arrivals continued to flow into bonded warehouses, but the increment was limited. The main reason was that most warehouses stopped operation during the CNY holiday. After the warehouses resumed operations, there was still room for inventories in bonded areas to pick up in the near term.