There will be large quantities of cargoes being declared for import until the middle of the week of January 8. The copper import market is currently a buyer's market, and the premiums remain under downward pressure.
As of Friday January 5, copper inventories in the domestic bonded zones increased 300 mt from December 29, according to the latest SMM survey. Copper inventories in the Shanghai bonded zone added 100 mt to 6,600 mt, and inventories in the Shanghai bonded zone advanced 200 mt to 1,800 mt. In the first trading week of the new year, import profits basically fluctuated at 200-300 yuan/mt. However, market trading was still relatively tepid due to cash flow issues. Some arriving shipments were sold at lower import premiums due to high warehousing costs and financing costs. It is expected that the inventory growth in the bonded area will decline in the week of January 8.
