Shanghai bonded copper stocks fell 6,900 mt on week

SHANGHAI, Jul 23 (SMM) — Stocks of copper in Shanghai bonded areas decreased on smaller arrivals for two consecutive weeks.

SMM data showed that the stocks fell 6,900 mt from the prior week to 428,600 mt as of Friday July 23.

Domestic copper supply is tight amid moderate consumption, social inventories are still in a state of continuous decline, and spot premium remains high. The profit from spot imports has continuously stimulated the demand for imported copper since last week, and the increase in market declaration imports has driven the stocks in bonded areas to continue to decline.