Copper inventories in the domestic bonded zones decreased

As of Friday December 15, copper inventories in the domestic bonded zones decreased 1,700 mt from December 8, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 1,200 mt to 7,800 mt, and inventories in the Guangdong bonded zone dipped 500 mt to 2,300 mt. Bonded inventories were destocked as expected driven by import profits against spot copper in Shanghai. Import profits narrowed significantly in the week ending December 15. Arriving shipments of imported copper will gradually increase from the middle of the week of December 18. If the SHFE/LME copper price ratio continues to weaken, domestic bonded zone inventories may turn to a slight accumulation.