SHANGHAI, Jan 23 (SMM) – Copper stocks across Shanghai bonded areas jumped this week, as the upcoming Chinese New Year holiday and closed import arbitrage window muted trades and as shipments under bill of lading arrived.
SMM data showed that the stocks increased 20,500 mt from last Friday January 17 to 292,500 mt as of Thursday January 23.
The stocks have risen for six consecutive weeks, with the past three weeks seeing substantial gains of a cumulative volume of 44,500 mt.

![A estrutura de backwardation da LME se amplia, a relação de preços SHFE/LME se deteriora, o sentimento de espera do mercado aumenta [Cobre spot de Yangshan da SMM]](https://imgqn.smm.cn/usercenter/EFLYr20251217171714.jpeg)
![O spread de preços entre contratos futuros se amplia, compradores downstream relutam em comprar; prêmios caem com transações fracas [SMM cobre spot do Sul da China]](https://imgqn.smm.cn/usercenter/kvwSZ20251217171710.jpg)

