SMM

As of Friday December 29, copper inventories in the domestic bonded zones decreased 2,100 mt from December 22, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone fell 1,700 mt to 6,500 mt, and inventories in the Guangdong bonded zone dipped 400 mt to 1,600 mt. The rush to deliver warehouse warrants previously traded with profits before New Year's Day drove the decline in copper inventories in bonded areas. The import window occasionally opened in the week ending December 29, but market trading was subdued due to year-end issues. As imported copper arrives after the holidays, bonded inventories are expected to accumulate slightly.