Copper Inventories in Domestic Bonded Zone Add 10,300 mt from March 3

Published: Mar 10, 2023 17:48

Source: SMM

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As of March 10, copper inventories in the domestic bonded zones increased 10,300 mt from March 3 to 195,500 mt according to SMM survey.

SHANGHAI, Mar 10 (SMM) - As of March 10, copper inventories in the domestic bonded zones increased 10,300 mt from March 3 to 195,500 mt according to SMM survey. The inventory in the Guangdong bonded zone fell 1,300 mt to 16,200 mt WoW, while that in the Shanghai bonded zone added 11,600 mt to 179,300 mt WoW. The inventory increase was contributed by the exports of domestic smelters and the arrival of some bills of lading at bonded zone warehouses. The import loss was maintained at 300-500 yuan/mt this week. The import profits once enabled the shipments of goods stored at warehouses. However, at present, under the contango structure of SHFE copper spread, most traders held a wait-and-see sentiment before the delivery of the SHFE 2303 copper, limiting the warrant shipments. It is expected that the bonded zone inventory will increase slightly next week on intensive arrivals of imported goods at ports in mid-March and the continuous exports of Chinese smelters.

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