Copper inventories in the domestic bonded zones increased

Copper inventories in the domestic bonded zones increased 3,000 mt from April 11 to 73,400 mt as of Thursday April 18, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 2,300 mt to 68,900 mt, and inventories in the Guangdong bonded zone advanced 700 mt to 4,500 mt. The increase in bonded inventory in the week ending April 19 was mainly driven by exports by domestic smelters and arriving shipments of imported cargoes aimd the poor SHFE/LME copper price ratio. Mainstream smelters will continue to export to bonded INE in the near term. In addition, the shipments from bonded zone inventories under warrants were limited due to the poor SHFE/LME copper price ratio. In this scenario, bonded inventory will continue to accumulate.