As of Friday June 2, copper inventories in the domestic bonded zones decreased 13,000 mt from May 26 to 101,600 mt, according to the latest SMM survey. Inventory in the Guangdong bonded zone dipped 300 mt to 10,000 mt, and inventory in the Shanghai bonded zone fell 12,700 mt to 91,600 mt.
Import profits shrank significantly during the week, keeping buyers on the sidelines. Trades of imported copper were subdued, and shipments from bonded zones decreased. Meanwhile, arriving shipments of imported copper increased at the month-end. The declines in bonded zone inventories thus slowed down noticeably.
Next week, shipments arrivals under bill of lading in early June will continue to grow. This, combined with narrower import profits, will continue to slow down inventories declines in the domestic bonded zones.
Commerzbank Lowers Price Forecast for Copper, Aluminium, Zinc and Nickel for 2023 and 2024
