SMM

As of Friday November 24, copper inventories in the domestic bonded zones decreased 1,300 mt from November 17 to 12,200 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 800 mt to 9,400 mt, while inventories in the Guangdong bonded zone dipped 500 mt to 2,800 mt. During the week, the import profits stood at around 700 yuan/mt against spot copper in Shanghai. There was trades of a small quantity of cargoes slated for shipments at end-November under warrants. The decline in bonded inventory will continue until late December. At present, the inventory of domestic bonded warehouses is at an all-time low.