Shanghai bonded copper stocks fell as coronavirus reduced deliveries to China

SHANGHAI, Mar 27 (SMM) – Stocks of copper across Shanghai bonded area fell this week, as arrivals dwindled due to COVID-19 outbreak globally and as purchases of hydro-copper under warehouse warrants increased after copper prices stabilised and domestic demand recovered.

SMM data showed that Shanghai bonded copper stocks decreased 1,000 mt in the week ended March 27 to 339,000 mt, after a gain of 7,000 mt in the previous week.

Trades remained muted this week, as import losses further widened.