Shanghai bonded copper stocks expanded 7,000 mt on week

SHANGHAI, Apr 30 (SMM)—SMM data showed that copper stocks in Shanghai bonded area rose 7,000 mt from the prior week to 396,700 mt as of Friday April 30.
Tepid domestic consumption and weaker-than-expected pre-holiday restocking demand led to the rise in bonded copper inventories. Trades were quiet in foreign trade market as import losses of spot cargoes averaged around 1,000 yuan/mt, and traders had to ship port stocks to the bonded zone. Beside, losses promoted domestic copper smelters to raise export plans, which further boosted bonded stocks.