Copper inventories in the domestic bonded zone increased

Copper inventories in the domestic bonded zone increased 700 mt from January 5 to 9,100 mt as of Friday January 12, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 600 mt to 7,200 mt, and inventories in the Guangdong bonded zone advanced 100 mt to 1,900 mt. The SHFE/LME copper price ratio is still favourable for imports. There will be shipments from bonded zone inventories after the delivery of the SHFE front-month contract. Any accumulation of domestic bonded zone inventories should be limited.