Shanghai bonded copper stocks rose 6,800 mt on week

SHANGHAI, Jun 11 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals.

SMM data showed that the stocks rose 6,800 mt from the prior week to 419,000 mt as of Friday June 11.

Terms of trade has not been opened up to now. The spot import losses in the week mostly stood at around 500 yuan/mt, which was difficult to stimulate the import demand for customs declaration. The market trading was extremely weak due to the holiday. Some traders took unsold inbound goods into bonded warehouses, so stocks of bonded areas showed a month-on-month increase. The long-term closure of terms of trade also reduced the pressure on the supply of domestic imported goods, which was conducive to the further decreasing of domestic social stocks.