SHANGHAI, Jul 16 (SMM) — Stocks of copper in Shanghai bonded areas decreased on smaller arrivals after the increase for five consecutive weeks.
SMM data showed that the stocks fell 4,300 mt from the prior week to 435,500 mt as of Friday July 16.
Domestic stocks continued to decline due to the maintenance of domestic smelters in the early stage with the effect of low import inflow and refined copper replacing scrap copper. The import profit window opened this week, and foreign trade demand jumped. The premium of Yangshan copper warehouse receipts has risen sharply since mid-week, and the increase of import demand for customs declaration in the market lifted up the outbound quantity, which led to a decline in stocks in the bonded area.