Copper inventories in the domestic bonded zones increased

Copper inventories in the domestic bonded zones increased 5,200 mt from February 22 to 43,200 mt as of February 29, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 5,600 mt to 39,800 mt, and inventories in the Guangdong bonded zone dipped 400 mt to 3,400 mt. The inventory accumulation of domestic bonded warehouses slowed down as expected in the week ending March 1. The reopening of the import window during the week drove a slight increase in shipments from bonded zone inventories. As the maximum loss before the CNY holiday was close to 900 yuan/mt, some copper smelters delivered part of their supply to bonded warehouses after the holiday, and some supplies will be delivered to LME Asia warehouses. It is expected that the domestic bonded inventory accumulation will continue to slow down.