SMM

According to the SMM survey, as of November 14, copper inventories in domestic bonded zones increased by 2,900 mt WoW (from November 7) to 62,800 mt. Among them, Shanghai bonded inventories increased by 2,500 mt WoW to 58,600 mt; Guangdong bonded inventories increased by 400 mt WoW to 4,200 mt. This week, bonded warehouse inventories continued to increase mainly due to the poor purchase willingness at the beginning of the week, leading many traders to send arriving goods into bonded warehouses. Looking ahead, as the SHFE/LME price ratio continues to improve, warehouse warrant trading volumes have rapidly increased this week, and bonded warehouse inventories are expected to decrease next week.