Copper Stockpiles Double in Shanghai Bonded Warehouses on Price
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Copper inventories in Shanghai bonded warehouses, where traders store shipments before duties are paid, have at least doubled in the past three months as rising prices deterred purchases by Chinese users, traders and analysts said.
Stockpiles in Shanghai bonded warehouses have climbed to as much as 300,000 metric tons, up from about 150,000 tons in late July, Na Liu, Scotia Capital’s China Strategy Advisor, said in an e-mail to Bloomberg News today. This is “conservative”, according to Guosen Futures Co. trader Lu Shaohan, who estimates the inventory level to be closer to 500,000 tons.