Copper Inventory in China Bonded Zone Plunged This Week

Published: Jul 7, 2023 15:45

Source: SMM

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As of Friday July 7, copper inventories in the domestic bonded zones decreased 5,600 mt from June 30 to 61,200 mt, according to the latest SMM survey. Inventory in the Guangdong bonded zone dipped 2,500 mt to 9,000 mt, and inventory in the Shanghai bonded zone fell 3,100 mt to 52,200 mt.

Recently, the concentrated arriving shipments from delivered cargoes to LME warehouses have impacted China’s domestic trade market, lowering spot premiums significantly. The SHFE/LME copper price ratio did not improve further this week, and trades under warrants were subdued.

Some imported cargoes whose profit had been locked in were delivered. The imported copper arriving next week will enter the domestic market after customs clearance. As such, bonded zone inventories should fall further next week.

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SMM Daily Comments (Jul 6): SHFE, LME Base Metals Diverged with SHFE Nickel and Tin Skyrocketing, Ferrous Metals Rose across the Board

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