Shanghai bonded copper stocks increased after two weeks of declines

SHANGHAI, Mar 20 (SMM) – Stocks of copper across Shanghai bonded area rose this week, after declining for two consecutive weeks, as trades were muted after import losses widened on a lower ratio of SHFE copper prices to LME prices. 

SMM data showed that Shanghai bonded copper stocks increased 7,000 mt in the week ended March 20 to 340,000 mt. The bonded stocks shrank 5,300 mt over the fortnight as of March 13.

Copper cathode shipments outside China are closely watched as many countries have put in place more stringent efforts to contain spreading of the COVID-19 pandemic worldwide.