Copper stocks in China bonded zones declined 

According to the SMM survey, as of Thursday (August 29), domestic bonded zone copper stocks decreased by 4,800 mt from August 22 to 73,900 mt. Among them, Shanghai bonded stocks decreased by 4,600 mt to 70,700 mt; Guangdong bonded stocks decreased by 200 mt to 3,200 mt. This week, bonded warehouse stocks continued destocking, marking the fourth consecutive week of weekly destocking. This is mainly because most imported copper was directly cleared through customs, with very few entering bonded warehouses. Additionally, after the export window closed, copper cathode export volumes also significantly decreased. Overall, the inflows into bonded warehouse were limited, and further declines are expected in the future.