Copper Inventories in China Bonded Zone Increased This Week

Copper inventories in the domestic bonded zone increased 2,900 mt from April 21 as of Friday April 28, and stood at 158,600 mt, according to the latest SMM survey.

Inventory in the Guangdong bonded zone added 1,200 mt to 16,300 mt, and inventory in the Shanghai bonded zone advanced 1,700 mt to 142,300 mt.

Cancelled warrants from LME warehouses in Asia arrived in China this week, growing shipments arrivals under bill of lading compared with last week. Some cargoes went to Zhejiang due to import subsidy policy, and this limited the stock accumulation in the Shanghai bonded zone.

As the current import window remains closed, shipments under warrants from bonded zone inventories can hardly increase. This, combined with increasing arriving shipments under bill of lading after Labour Day holidays, will continue to grow copper inventories in China's bonded zones.