SHANGHAI, Aug 14 (SMM) – Stocks of copper in Shanghai bonded areas increased for a second straight week as domestic consumption weakened and widened discounts of copper scrap squeezed demand for refined copper.
SMM data showed that the stocks added 9,300 mt from last Friday August 7 to 229,100 mt as of August 14.
This week, the import arbitrage window remained closed, import losses expanded and the demand for seaborne copper was weak. This also led to the continued increase in copper social inventories.
