Copper Inventories in Domestic Bonded Zones Dipped 16,800 mt from September 16

SHANGHAI, Sep 23 (SMM) - Copper inventories in domestic bonded zones fell 16,800 mt from last Friday September 16 to 98,600 mt as of September 23, according to the SMM survey. Inventory fell for the 13th consecutive week, hitting a new low since SMM statistics. Inventory in the Shanghai bonded zone dropped 17,100 mt to 81,800 mt, while that in the Guangdong bonded zone added 300 mt to 16,800 mt. Recently, some banks have begun to shrink or eliminate nonferrous metal businesses, and some warrants in the bonded zone have been disposed of one after another. The SHFE/LME price ratio improved WoW this week, thus the spot import window opened, hence the bonded warehouse warrants were transported to China, resulting in the decline in inventory.