Shanghai bonded copper stocks rose for 3rd week

SHANGHAI, Jun 12 (SMM) – Stocks of copper in Shanghai bonded areas rose for a third straight week this week, as demand for imports weakened in a closed import arbitrage window.

SMM data showed that the stocks increased 3,200 mt in the week ended June 12 to 216,200 mt, following a 1,000 mt rise in the prior week.

Spot copper premiums in China’s domestic market eased as consumption weakened, in part due to the switches to scrap on the back of deeper scrap discounts against cathode.