Copper Inventories In China Bonded Zone Increased This Week

Copper inventories in the domestic bonded zone increased 1,700 mt from September 1 to 51,000 mt as of Friday September 8, according to the latest SMM survey.

Inventories in the Shanghai bonded zone grew 2,500 mt to 44,900 mt. Inventories in the Guangdong bonded zone fell 900 mt to 6,100 mt. Premiums in the domestic spot markets plunged this week and stood at near zero on Friday. Import profit turned into losses, suppressing trading of imported copper under warrants. That reduced shipments from bonded zone inventories.

Copper inventories in the domestic bonded warehouses will grow slightly next week. Most of the cargoes slated to arrive ahead of the National Day holidays have been booked by the market, limiting arriving shipments. Meanwhile, shipments from bonded zone inventories are unlikely to increase due to the closure of the import window.