login_img.jpg
Login ID:
Password:
Partner Login
Contact Us : 7066511911

China's Copper Stockpiles in Bonded Zones Rise Amidst Shifting Market Dynamics

17 May 2024 4:46 pm
 Comments 0 Comments  |  Comments Post Comment  |  Font Size A A A 
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)

       
  Rate this story 1 out of 52 out of 53 out of 54 out of 55 out of 5 Rated
0.0

   Post comment
Comment :

Note : This forum is moderated. We reserve the right to not publish and/or edit the comment on the site, if the comment is offensive, contains inappropriate data or violates our editorial policy.
Name :  
Email :  
   

Post Comment  

Latest Market Commentary
Copper Prices Rise Amid Supply Concerns and Soft Dollar...
London Metal Exchange Settlement - 18-Jun-2024
All India Steel Rates 18 Jun 2024
China's Aluminium Imports Surge 61% in May Amid Increas...
Copper Prices Rebound as Bargain Hunters Enter Market
more
Top 5 News
Global equity/currency market update: Asian Shares Reac...
Rising Brazilian Sugar Production Pressures Global Pric...
ICE Cotton Futures Rebound as Traders Cover Shorts Ahea...
CBOT Wheat Futures Hit Two-Month Lows Amid U.S. Harvest...
Crude Oil Prices Edge Up Amid Geopolitical Tensions
Top 5 Special Reports
Weekly: ICE Sugar Futures Revived By ISO's Global Defic...
Weekly: Cotton Prices Slide for Third Consecutive Week ...
India Plans Boost in Arhar and Urad Dal Production to T...
US soybean net sales for May 31-June 6 at 377,100 MT, u...
US cotton net export sales for May 31-June 6 at 177,100...
Copyright © CC Commodity Info Services LLP. All rights reserved.