Copper inventories in the domestic bonded zones grew 15,400 mt from February 8 to 38,000 mt

Published: Feb 26, 2024 15:02

Save

As of Friday February 22, copper inventories in the domestic bonded zones grew15,400 mt from February 8 to 38,000 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 13,900 mt to 34,200 mt, and inventories in the Guangdong bonded zone advanced 1,500 mt to 3,800 mt. After the holiday, smelters that had locked in the SHFE/LME copper price ratio for export before the holiday began to send their supplies to bonded warehouses. Meanwhile, due to the weak SHFE/LME copper price ratio, some supplies went to bonded warehouses, resulting in an increase in Shanghai's bonded inventory. According to SMM survey, there are still mainstream domestic smelters that will continue to ship cargoes to bonded warehouses this week. It is expected that domestic bonded cargoes will continue to accumulate in the off-season. But as the export window has not opened after the holiday, the extent of the accumulation should be relatively limited.

Market review

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

34 mins ago

Data: SHFE, DCE market movement (Jul 16)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 16 Jul , 2026

34 mins ago

43 mins ago

Downstream Bearish on Copper Prices, Intraday Purchase Willingness Flat [SMM Secondary Copper Daily Review]

43 mins ago

53 mins ago

[SMM Flash] India Faces Sulfur Export Ban

According to feedback from an Indian refinery, the relevant national authorities have issued a directive to prioritise domestic sulfur supply and ban exports, in order to safeguard local availability. Trade data shows that India's sulfur exports are heavily concentrated on the Chinese market. According to WITS data, in 2024 India's exports of crude or unrefined sulphur totalled approximately US$81.02 million, with a volume of about 805.2 million kg (approximately 805,200 tonnes). Among this, exports to China reached US$78.33 million, with a volume of about 797.2 million kg (approximately 797,200 tonnes), accounting for roughly 99% of India's total sulfur exports. Other major destinations included Tanzania, South Africa, Sri Lanka, and Australia, but in very limited quantities. Previously, Indian industry lobbying groups had repeatedly called on the New Delhi government to ban sulfur exports. Of India's annual sulfur demand of about 2 million tonnes, more than half is met by imports, nearly half of which come from the Middle East. The immediate trigger for this export ban is the severe disruption to shipping in the Strait of Hormuz caused by geopolitical conflicts in the Middle East, which has continuously tightened global sulfur supply.

53 mins ago