As of Friday June 16, copper inventories in the domestic bonded zones decreased 8,900 mt from June 9 to 78,900 mt, according to the latest SMM survey. Copper inventories in the Guangdong bonded zone dipped 2,500 mt to 5,500 mt, and inventories in the Shanghai bonded zone fell 6,400 mt to 73,400 mt.
There were large volumes of shipments from bonded zone inventories under warrants ahead of the delivery of the SHFE June copper contract. This week, trades under warrants were quiet as import losses exceeded 1,000 yuan/mt.
Arriving shipments in the bonded zones should grow slightly next week amid concentrated shipments arrivals from LME warehouses. Meanwhile, the gradual reopening of the export window will drive some domestic mainstream smelters to export cargoes. Inventories in the domestic bonded zones are expected to accumulate in the near term amid the falling SHFE/LME copper price ratio.
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