According to the SMM survey, as of Thursday (September 26), copper stocks in the domestic bonded zone decreased by 3,200 mt WoW (from September 19) to 58,500 mt. Among them, Shanghai bonded stocks decreased by 3,500 mt WoW to 55,500 mt; Guangdong bonded stocks increased by 300 mt WoW to 3,000 mt. This week, bonded warehouse inventory continued destocking, but the pace slowed. According to SMM, arrivals at bonded warehouses were low, with most arrivals directly entering the domestic trade market.
Looking ahead, some copper cathode arriving during the holiday may enter bonded warehouses, but the volume is expected to be small, and inventory will remain low.
