Copper Inventories in Domestic Bonded Zones Dipped 15,400 mt from August 26

SHANGHAI, Sep 2 (SMM) - Copper inventories in domestic bonded zones decreased 15,400 mt from last Friday August 26 to 159,700 mt as of September 2, according to the SMM survey. Inventories fell for the tenth week and hit an SMM record low. Inventory in the Shanghai bonded zone dipped 12,100 mt to 142,200 mt, and that in Guangdong bonded zone fell 3,300 mt to 17,500 mt. Some importers moved the goods from the bonded warehouses to domestic markets as spot imports could gain profits this week with the improvement of the SHFE/LME price ratio. In addition, due to the market’s concerns about the liquidity issue of a large importer, some banks shipped some goods in the bonded zone to overseas warehouses.