SMM

According to an SMM survey, as of Thursday (October 17), copper inventories in the domestic bonded zone decreased by 200 mt WoW (from October 10) to 56,200 mt. Among them, Shanghai bonded inventories decreased by 500 mt WoW to 51,000 mt; Guangdong bonded inventories increased by 300 mt WoW to 5,200 mt. This week, bonded warehouse inventories continued destocking due to the limited arrivals, with most early-month arrivals of copper cathode being directly imported into domestic trade. Looking ahead, due to the current poor consumption demand, some of the subsequent arrivals may enter bonded warehouses, making it difficult for bonded inventories to continue decreasing.