Copper inventories in the domestic bonded zones increased

Copper inventories in the domestic bonded zones increased 6,600 mt from April 3 to 70,400 mt as of Thursday April 11, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 6,300 mt to 66,600 mt, and inventories in the Guangdong bonded zone advanced 300 mt to 3,800 mt. The increase in bonded inventory in the week ending April 12 was driven by the exported cargoes by domestic smelters. Some mainstream smelters still have plans to export to bonded areas. Shipments under warrants from bonded zone inventories were hampered amid the weak SHFE/LME copper price ratio. And bonded inventory is expected to accumulate.