SHANGHAI, Mar 31 (SMM) – As of Friday March 31, copper inventories in the domestic bonded zones decreased 19,200 mt from March 24 to 172,600 mt, according to the latest SMM survey. Inventory in the Guangdong bonded zone dipped 500 mt to 13,000 mt, and inventory in the Shanghai bonded zone fell 18,700 mt to 159,600 mt. Some cargoes under warrants, imported previously when the import window opened, needed to be delivered before the end of March. This drove significant growth in shipments from bonded zone inventories during the week. Arriving shipments under bill of lading, on the other hand, were limited. Going forward, shipments under warrants to be delivered soon will decline given persistent import losses. Shipments slated to arrive in early April can hardly be fully purchased by the market. As such, the drop in bonded zone inventories should slow down noticeably next week.
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