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Mumbai, 17 May (Commoditiescontrol): Chinese copper inventories held in bonded warehouses have increased by 9,500 metric tons to a total of 90,700 metric tons as of May 16th, according to the latest survey by Shanghai Metals Market (SMM). This rise is attributed to a combination of factors, including sellers' reluctance to accept discounted prices and the delivery of previously exported shipments.
The majority of the increase occurred in the Shanghai bonded zone, where inventories grew by 9,300 metric tons to 85,300 metric tons. The Guangdong bonded zone saw a smaller increase of 200 metric tons, reaching 5,400 metric tons.
Market analysts suggest that the weakening price ratio between the Shanghai Futures Exchange (SHFE) and the London Metal Exchange (LME) could lead to more imported copper entering bonded warehouses. Additionally, some Chinese smelters may continue to increase their export volumes, further boosting bonded inventories.
However, a large purchase of warehouse warrants for delivery to the COMEX exchange is expected to offset some of this increase by drawing copper out of bonded warehouses. Despite this, overall bonded inventory is projected to remain high.
(By Commoditiescontrol Bureau; +91-9820130172)
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