Shanghai bonded copper stocks added 6,800 mt on week

SHANGHAI, Aug 28 (SMM) — Stocks of copper in Shanghai bonded areas increased for the fourth consecutive week, as domestic consumption remained weak with sluggish demand for imports and exports.

SMM data showed that the stocks expanded 6,800 mt from the prior week to 239,700 mt as of Friday August 28.

Most of the traders shipped part of their cargoes to bonded warehouses as import losses continued to rise this week, promoting domestic smelters to increase export plans. This also accounted for the rise in the bonded inventories.