SMM

As of Friday June 9, copper inventories in the domestic bonded zones decreased 13,800 mt from June 2 to 87,800 mt, according to the latest SMM survey.

Inventories in the Guangdong bonded zone dipped 2,000 mt to 8,000 mt, and inventories in the Shanghai bonded zone fell 11,800 mt to 79,800 mt.

Traders had locked in profits previously when import profits were high and imported copper from bonded zone inventories. But as the SHFE/LME copper price ratio weakened recently, shipments from bonded zone inventories have declined after the completion of delivery taking for the delivery of the SHFE 2306 copper contract.

In addition, there will be arriving shipments under bill of lading in mid-June. As such, the declines in bonded zone inventories will slow down.

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