As of Friday July 28, copper inventories in China’s domestic bonded zones decreased 1,800 mt from July 21 to 59,100 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 1,600 mt to 49,400 mt, and inventories in the Guangdong bonded zone dipped 200 mt to 9,700 mt.
Arriving shipments of imported copper decreased last week, and most of the cargoes had been purchased by buyers, limiting shipments arrivals in the bonded warehouses.
Import losses shrank this week, and shipments from bonded zone inventories are expected to stabilise. In August, copper exports by domestic mainstream smelters to bonded warehouses will grow, and bonded zone inventories will accumulate slightly.
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