Published: Nov 3, 2023 13:57
According to SMM research, on Friday (November 03), the bonded copper inventory in China decreased by 0.65 million tons to 1.66 million tons compared with October 27. Among them, the bonded inventory in Shanghai decreased by 0.52 million tons to 1.34 million tons compared with the previous week; the bonded inventory in Guangdong decreased by 0.13 million tons to 0.32 million tons compared with the previous week. With the long-term opening of the spot window for Shanghai copper due to the import parity, the bonded inventory continued to be depleted. This week, with the continuous decline of domestic water, the profit of spot copper in Shanghai narrowed, and it is expected that the depletion of bonded inventory will slow down next week. At present, the US dollar copper warehouse orders for delivery in November have been digested by the market, and it is expected that the bonded inventory will remain depleted in the month, and a small seasonal accumulation will enter around December.

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