Copper Inventory in Domestic Bonded Zone Up 5,000 mt from Pre-Holiday Level

SHANGHAI, Feb 7 (SMM) – The copper inventories in domestic bonded zones increased 5,000 mt from Friday January 28 to 248,100 mt as of February 7, according to SMM survey.

The inventory in the Shanghai bonded zone rose 5,000 mt to 218,600 mt, while that in Guangdong stood unchanged at 29,500 mt from the pre-Chinese New Year holiday level. The import window was still closed, and the customs clearance demand was also sluggish.

Some oversea cargos that arrived at Chinese ports were stored in the warehouses in the bonded zone, but the increase was limited because most warehouses were closed during the CNY holiday. The inventory in the bonded zone is expected to rise in the short term after the warehouses resumed work.