Shanghai-bonded copper stocks climb to highest since June 2017

Copper stocks in the Shanghai-bonded zone hit a 20-month high this week due to several Chinese smelters delivering cargoes into the bonded zone to take advantage of an export arbitrage.

Shanghai-bonded copper stocks totaled 534,000-540,000 tonnes on Monday March 11, an increase of 34,000-40,000 tonnes from a week earlier, according to Fastmarkets’ latest assessment. The latest figure is 153,000-154,000 tonnes or 39% higher than the 2018 low of 381,000-386,000 tonnes reached on October 22. Shanghai-bonded copper stocks were last assessed at a similar level on June 19, 2017, when they totaled 545,000-555,000 tonnes. Market participants attributed the increase mainly to a sharp rise in the amount of cathode that Chinese domestic smelters...

Published

Ellie Wang

March 12, 2019

10:56 GMT

Shanghai