As of Friday September 15, copper inventories in the domestic bonded zones decreased 1,200 mt from September 8 to 49,800 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 1,900 mt to 43,000 mt, while inventories in the Guangdong bonded zone added 700 mt to 6,800 mt.
Delivery-taking of some bonded warrants ahead of the delivery of the SHFE front-month copper contract resulted in a decrease in domestic bonded inventories. Import profit shrank substantially this week when the premiums in China’s domestic spot market dropped to a low level, limiting trades of imported copper under warrants. Meanwhile, arriving shipments will increase next week. Copper inventories in the bonded zones are thus expected to accumulate slightly.
