Copper inventories in the domestic bonded zone increased last week

Copper inventories in the domestic bonded zone increased 1,000 mt from January 12 to 10,100 mt as of Friday January 19, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 1,300 mt to 8,500 mt, and inventories in the Guangdong bonded zone dipped 300 mt to 1,600 mt. Arriving shipments of cargoes in Shanghai International Energy Exchange (INE) grew inventories in the Shanghai bonded warehouse. As the import profit against spot copper in Shanghai fell along with falling premiums in the domestic spot markets after the delivery of the SHFE front-month contract, shipments from bonded zone inventories should slide. But arriving shipments in domestic bonded zones will also be limited as the import window has not fully closed amid low domestic inventories. It is expected that bonded inventories will remain at a low level in the week of January 22.