Copper Inventory in China bonded zone Fell This Week

Published: May 12, 2023 16:03

Source: SMM

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As of Friday May 12, copper inventories in the domestic bonded zones decreased 9,300 mt from May 5 to 150,000 mt, according to the latest SMM survey.

Inventories in the Guangdong bonded zone added 1,000 mt to 17,000 mt, while inventories in the Shanghai bonded zone dropped 10,300 mt to 133,000 mt.

Recently, the import losses shrank and turned into profits, incentivising sellers to sell cargoes. Shipments under warrants thus increased. Arriving shipments under bill of lading grew this week but mostly went directly to downstream companies, limiting shipments arrivals in the bonded zones.

Next week, arriving shipments under bill of lading will fall. Bonded zone inventories are expected to drop further given narrower import losses.

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