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.