SHANGHAI, Mar 5 (SMM) — Stocks of copper in Shanghai bonded areas increased for the third consecutive week.
SMM data showed that the stocks rose 4,900 mt from the prior week to 365,500 mt as of Friday February 26. The previous value was revised to 360,600 mt.
The recovery cycle of domestic consumption was lengthened due to the rapid increase of copper prices after the holiday, and the large price difference between refined copper and copper scrap also had a negative impact on refined copper consumption. Stocks of domestic refined copper continued to pile up. Imports were still in a state of loss this week. It was difficult to raise the spot discounts and premiums in domestic trade, and the import demand was sluggish, which led to the slight increase of inventories in the bonded area this week.
