Copper inventories in the domestic bonded zones increased 4,000 mt from March 28 to 63,800 mt as of Wednesday April 3, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 4,200 mt to 60,300 mt, and inventories in the Guangdong bonded zone dipped 200 mt to 3,500 mt. Import losses versus spot copper in Shanghai were 350-400 yuan/mt. Trades under warrants were quiet, leading to low shipments from bonded zone inventories. In April, cargoes exported by domestic smelters will continue to be sent to bonded warehouses. As the SHFE/LME copper price ratio is unlikely to improve in the near term, bonded inventories will continue to accumulate, but the rate of increase will gradually slow down.



