SHANGHAI, May 28 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals for the sixth consecutive week.
SMM data showed that the stocks rose 11,700 mt from the prior week to 415,500 mt as of Friday May 28.
The export of domestic smelters and the warehousing of arrival bills of lading mainly contributed to the increase. Domestic smelters continued to export refined copper to bonded warehouses as planned in the early stage, while bills of lading from overseas to ports were ignored due to large import loss. Yangshan copper premium kept dropping, and traders can only put them into storage.
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