Shanghai bonded copper stocks rose for first time in 10 weeks

SHANGHAI, May 29 (SMM) – Stocks of copper across Shanghai bonded area rose this week, after falling for nine consecutive weeks, as demand for foreign copper waned on a swift pullback in premiums and weaker consumption in China.

SMM data showed that the stocks increased 2,000 mt in the week ended May 29 to 212,000 mt, following a 25,000 mt drop in the prior week.

Loss in China’s consumption of copper cathode was exacerbated by the recovery of copper scrap discounts to healthy levels on the back of arrivals of scrap.

Premiums for imported copper have fallen sharply for two consecutive weeks, closing the arbitrage window for imports and deterring cargoes from leaving bonded warehouses.