Shanghai bonded copper stocks dropped in open import arbitrage window

SHANGHAI, Apr 10 (SMM) – Stocks of copper across Shanghai bonded area continued to shrink this week, as demand surged in an open import arbitrage window.

SMM data showed that the stocks decreased 6,500 mt in the week ended April 10 to 327,300 mt, marking the third straight week of decline and larger than a 5,200 mt fall in the previous week.

Yangshan copper premiums rose nearly $10/mt this week, bolstered by strong demand for imported copper under warehouse warrants and bills of lading.