Shanghai bonded copper stocks rose 4,300 mt on week

SHANGHAI, May 14 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals for the fourth consecutive week.

SMM data showed that the stocks rose 4,300 mt from the prior week to 401,900 mt as of Friday May 14.

The import maintained a high loss state, and domestic smelters continued to export refined copper to the bonded area. However, the demand for inbound goods was very weak recently, and the prices of Yangshan copper bill of lading continued to decline, hitting a record low since April 2017. The unclaimed part of overseas inbound goods flowed into the bonded warehouse, which led to the continuous growth of copper stocks in the bonded area.