Copper inventories in the domestic bonded zone increased

Copper inventories in the domestic bonded zone increased 4,700 mt from March 14 to 57,300 mt as of March 21, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 4,600 mt to 53,400 mt, and inventories in the Guangdong bonded zone advanced 100 mt to 3,900 mt. Trades under warrants were weak and shipments from domestic bonded warehouses showed no growth. Meanwhile, arriving shipments from domestic smelters were low. Both supply and demand were weak. The accumulation of bonded inventory slowed down slightly. In April, warrants in domestic bonded warehouses will increase significantly with the increase in shipments arrivals from exports by smelters. Domestic bonded stocks may hardly see an inflection point in mid-to-early April.