Shanghai bonded copper stocks extended decline on enticing import profits

SHANGHAI, May 8 (SMM) – Stocks of copper across Shanghai bonded area continued their steep decline this week, as robust consumption in China and enticing profits boosted demand for imported copper.

SMM data showed that the stocks decreased 14,500 mt from Thursday April 30 to 265,000 mt as of Friday May 8, marking a seventh straight week of decline.

Operating rates across Chinese copper rod producers climbed towards record highs in April, according to the latest SMM survey, as Beijing’s infrastructure push boosted demand.

Yangshan premiums rose further this week and kept the import arbitrage window open.