SMM

As of Friday December 1, copper inventories in the domestic bonded zones decreased 400 mt from November 24 to 11,800 mt, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 100 mt to 9,400 mt, while inventories in the Guangdong bonded zone dipped 400 mt to 2,400 mt. The opened import window accounted for continued declines in bonded zone inventories. Inventories some warehouses in Shanghai increased slightly during the week as the arbitrage room due to widening price difference between SHFE copper and BC copper incentivised some traders to deliver cargoes to the Shanghai International Energy Exchange (INE). High import profit will drive destocking from bonded zone inventories.