SMM

SMM, Nov 22: According to the SMM survey, as of November 21, copper inventories in domestic bonded zones decreased by 800 mt WoW to 62,000 mt. Among them, Shanghai bonded inventories decreased by 1,200 mt WoW to 57,400 mt; Guangdong bonded inventories increased by 400 mt WoW to 4,600 mt. This week, bonded warehouse inventories turned to a decline mainly due to the large volume of warehouse warrant transactions when the SHFE/LME price ratio was favorable last week, and the high volume of handovers this week, resulting in a decrease in inventories. Looking ahead, warehouse warrant transactions were moderate this week, and bonded warehouse inventories are expected to continue declining next week.