Copper Inventories in Domestic Bonded Zones Decreased by 32,700 mt from Last Friday

SHANGHAI, Aug 12 (SMM) - Copper inventories in domestic bonded zones decreased by 32,700 mt from last Friday August 5 to 216,600 mt as of August 12, according to the SMM survey, the biggest drop in a single week in 2022. Inventory in the Shanghai bonded zone dipped 31,100 mt to 191,800 mt, and inventory in the Guangdong bonded zone fell 1,600 mt to 24,800 mt. In China, the supply and demand were relatively tight, and the inventory kept falling, boosting the demand for imported copper. In addition, the demand for customs declaration also rose, and Yangshan copper premiums continued to increase. However, the quantity of goods shipped to the bonded warehouses from the smelters also dropped significantly, resulting in a further decline in the bonded zone inventory.