SMM

According to the SMM survey, as of Thursday (October 31), copper inventories in domestic bonded zones increased by 1,400 mt WoW to 58,100 mt. Among them, Shanghai bonded inventories increased by 1,700 mt WoW to 54,100 mt; Guangdong bonded inventories decreased by 300 mt WoW to 4,000 mt. This week, bonded warehouse inventories continued to increase mainly due to weak downstream demand and low willingness of holders to sell at reduced prices, leading to the input of arriving goods into bonded warehouses. Looking ahead, due to the weak demand situation that is unlikely to ease in the short term, bonded warehouse inventories are expected to continue increasing.