As of Friday September 22, copper inventories in the domestic bonded zones decreased 1,200 mt from September 15 to 48,600 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 400 mt to 42,600 mt, while inventories in the Guangdong bonded zone dipped 800 mt to 6,000 mt.
Import profits were poor versus spot copper prices in Shanghai, and most of the shipments arrivals had been purchased by the market, limiting both arriving shipments and shipments from bonded zone inventories during the week.
As copper prices fell at the end of the week, downstream pre-holiday stockings increased, opening the import window. Copper inventories in China’s bonded zones will fall further next week.
