Copper inventories in the domestic bonded zones grew

As of March 14, copper inventories in the domestic bonded zones grew 8,100 mt from March 7 to 52,600 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 8,000 mt to 48,800 mt, and inventories in the Guangdong bonded zone advanced 100 mt to 3,800 mt. The import losses were 300-700 yuan/mt against spot copper in Shanghai last week. The shipments of warehouse warrants declined after the import window closed. The supply of bills of lading that had arrived was not offered with lower premiums. There were profits given the contango structure on LME copper. Some cargoes entered domestic bonded warehouses, including many unregistered copper. With the subsequent arrivals of exported cargoes from domestic smelters and the weakening SHFE/LME copper price ratio, inventories in China’s bonded warehouses will continue to accumulate.