SHANGHAI, Nov 26 (SMM) - As of Friday November 26, the copper inventory across China’s major trading markets increased 13,900 mt from Monday to 90,400 mt.
The inventory growth in Shanghai and Guangdong was the most significant.
The inventories in Shanghai increased by 9,100 mt from Monday to 62,800 mt, mainly due to the increase in shipments arrivals. As the customs restrictions on invoice issuance have eased, the importers transferred cargoes from bonded zone inventories into the domestic market to capitalise on the high premiums in the domestic spot market. The cargoes transferred from Guangdong also arrived.
The inventories in Guangdong increased by 4,600 mt from Monday to 11,100 mt. The local consumption was weak, while the arrivals of imported and domestic copper increased.