SHANGHAI, Jul 2 (SMM) — Stocks of copper in Shanghai bonded areas increased on larger arrivals for the fourth consecutive week.
SMM data showed that the stocks rose 5,800 mt from the prior week to 435,600 mt as of Friday July 2.
Terms of trade fell again since the end of last week, and the US dollar copper market returned to a tepid state. The drop in customs import demand led to a month-on-month decline in the outbound volume of copper. However, there were still bills of lading arriving in ports constantly flowing into the bonded warehouse, which led to a continuous increase in copper stocks.