Shanghai bonded copper stocks rose for the second straight week

SHANGHAI, Jun 5 (SMM) – Stocks of copper across Shanghai bonded area continued to increase this week, after last week’s rebounding after nine consecutive weeks of decline, as domestic consumption weakened. Continued inflow of seaborne copper scrap also weighed on demand for refined copper and drove up refined copper inventories. 

SMM data showed that the bonded stocks expanded 1,000 mt in the week ended June 5 to 213,000 mt, following a 2,000 mt rise in the prior week.

This week, the import arbitrage window kept closed and premiums for domestic copper fell quickly. Little improvement in demand for imported copper continued to lift the bonded copper inventories.