Copper stocks in domestic bonded zones increased

According to an SMM survey, as of Thursday (June 27), copper stocks in domestic bonded zones increased by 600 mt from June 20 to 95,200 mt. Shanghai bonded stocks increased by 1,000 mt WoW to 90,700 mt; Guangdong bonded stocks decreased by 400 mt WoW to 4,500 mt. The continuous slight increase in bonded warehouse stocks in the week ending June 28 was mainly due to the significant bid-ask spread in the imported copper market, forcing bill of lading arrivals into warehouses. Additionally, most of the copper cathode planned for export by major domestic smelters in June also arrived at bonded warehouses in late June. Bill of lading arrivals will continue in the short term, and bonded zone stocks are expected to remain high.