SHANGHAI, Mar 4 (SMM) - The copper inventories in domestic bonded zones rose 19,500 mt from Friday February 25 to 320,100 mt as of March 4, according to SMM survey.
The inventory in the Shanghai bonded zone increased 17,500 mt to 278,500 mt WoW, while that in Guangdong added 2,000 mt to 41,600 mt WoW.
The increase of inventory this week was mainly contributed by the exports of domestic smelters and the warehousing of arrival bills of lading. The import losses were huge this week, exceeding 3,000 yuan/mt on Friday. Most domestic smelters wished to export and shipped their goods to the bonded zone. However, the bill of lading for overseas arrivals at ports was stored at bonded zone due to falling premiums of Yangshan copper.
