Shanghai bonded copper stocks rose 6,400 mt on week

SHANGHAI, Mar 12 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals for the fourth consecutive week.
 
SMM data showed that the stocks rose 6,400 mt from the prior week to 371,900 mt as of Friday March 12.
 
Domestic consumption has not yet fully recovered, and the large price difference between refined copper and copper scrap had a negative impact on refined copper consumption. Stocks of domestic refined copper continued to pile up slightly. The import window still closed on week, the buyers lacked import willingness, and the amount of declared imported copper decreased month on month, which led to the continuous upward trend of inventories in the bonded area this week.