Copper Inventories in Domestic Bonded Zones Add 5,100 mt from December 23

SHANGHAI, Dec 30 (SMM) - As of December 30, copper inventories in the domestic bonded zone rose 5,100 mt from December 23, according to SMM survey. The bonded zone inventory in Guangdong fell 600 mt WoW, which was contributed by the normal customs clearance, while that in Shanghai grew 5,700 mt WoW. At the end of the year, domestic spot trading was sluggish. Besides, the import losses expanded to around 600-700 yuan/mt, which failed to encourage the customs declaration. Moreover, some traders converted the bill of lading arriving at ports into warrants, pushing up the inventory. The import market trading was sluggish as the LME market only got three trading days this week and the Hong Kong market suspended trading on December 26 and December 27, so shipments flowing output of the bonded zone warehouses decreased. In the follow-up, the market needs to pay attention to the warehouse operations of goods arriving at ports after some COVID-19-infected port workers return to work.