SHANGHAI, Nov 26 (SMM) - The copper inventories in the domestic bonded zones declined 17,300 mt from November 19 to 189,200 mt as of Friday November 26, the seventh consecutive week of decline, according to the most recent SMM survey.
The inventory in the Shanghai bonded zone decreased 15,200 mt to 174,300 mt, and the inventory in the Guangdong bonded zone fell 2,100 mt to 14,900 mt.
The import window remained open in the first half of the week, and the customs restrictions on invoice issuance was alleviated. In this scenario, the importers moved the goods in the bonded warehouse to the domestic market. This continued to reduce the inventory in the bonded area.
However, with the closing of the import window in the second half of the week, domestic spot premiums have declined. And the demand for customs declaration and imports in the market has cooled. It is expected that the decline in the bonded zone inventory will slow down next week.