Shanghai bonded copper stocks dropped 30,000 mt on week

SHANGHAI, May 15 (SMM) – Stocks of copper across Shanghai bonded area fell faster this week, as robust consumption in China has boosted demand for imported copper in an opened arbitrage window.

SMM data showed that the stocks decreased 30,000 mt in the week ended May 15 to 235,000 mt, marking the eighth consecutive weekly decline. This week’s fall was the biggest in the past eight weeks.

Due to robust consumption, copper stocks in China’s domestic market continued to trend lower, while rising Yangshan premiums triggered more inflows of imported cargoes.