Shanghai bonded copper stocks grew slower on port congestion, fewer arrivals

SHANGHAI, Feb 28 (SMM) – Stocks of copper across Shanghai bonded area increased 6,800 mt in the week ended February 28 to 337,300 mt, smaller than an increase of 10,200 mt in the previous week, according to SMM data.

The stocks have risen for four consecutive weeks after the Lunar New Year holiday, gaining 44,800 mt from January 23, the last trading day before the holiday.

Stocks grew slower as tight transport capacity at the port slowed deliveries to bonded warehouses and as arrivals at ports dwindled after some vessels delayed.

There were more than 60,000 mt of copper delivered to LME-approved warehouses on Wednesday, indicating that subdued consumption in China amid the COVID-19 outbreak drove imported copper to return to international markets. That also helped ease copper inventory accumulation pressure at Shanghai bonded area.

SMM data: Copper stocks at Shanghai bonded warehouses