SHANGHAI, May 21 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals for the fiveth consecutive week.
SMM data showed that the stocks rose 1,900 mt from the prior week to 403,800 mt as of Friday May 21.
The foreign trading atmosphere was sluggish, and the import loss fluctuated around 700 yuan/mt this week, which made it difficult to support the import demand for customs declaration. Inbound goods flowed into bonded warehouses one after another. In addition, domestic smelters continued to deliver refined copper into bonded warehouses, which also drove the increase of copper stocks.