As of Friday May 26, copper inventories in the domestic bonded zones decreased 24,100 mt from May 19 to 114,600 mt, according to the latest SMM survey. Inventories in the Guangdong bonded zone dropped 6,900 mt to 10,300 mt, and inventories in the Shanghai bonded zone fell 17,200 mt to 104,300 mt.
The high import profit after the reopening of the import window has resulted in continuous inflows of imported copper. This drove a sharp decline in bonded area inventories. Next week, there will be concentrated shipments arrivals under bill of lading, but some of these cargoes have been purchased by downstream buyers. This, combined with deliveries of cargoes under warrants at the month-end, will continue to reduce bonded zone inventories.
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