Shanghai Bonded Copper Stocks Fell 11,400 mt on Week

SHANGHAI, Aug 13 (SMM) — SMM data showed that the stocks of copper in Shanghai bonded areas fell 11,400 mt from last Friday August 6 to 380,700 mt as of August 13, falling for five consecutive weeks, while de-stocking slowed from last week.

Domestic social inventories fell again as output at smelters in China was still disrupted and refined copper was replacing copper scrap. The price ratio recently was generally favourable, and godown warrants were flowing into China after customs clearance, leading to further decrease of inventories in the bonded zone.