Deliveries to LME Asian warehouses were down 1,825 tonnes to 222,725 tonnes as of Thursday July 7, but it remain 29,200 tonnes, or 15% higher, than a week ago.
The three-month copper price on the LME had dropped to $4,685 per tonne as of 03:40am London time on Friday morning, down about 5.54% from its high earlier this week. The most-traded SHFE copper contract fell about 5.24% from this week's peak to 36,520 yuan per tonne.
The bulk of the new deliveries are believed to have come from major Chinese smelters.
“There are more Chinese smelters’...