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Bonded Copper Stocks in Shanghai Drop on Destocking, Demand

Copper stockpiles at bonded warehouses in Shanghai have declined from a record since the beginning of May as consumers in the world’s largest user of the metal draw down inventories.

“Following the shrinking of imports, the bonded stocks now have to be drawn down to meet demand from traders and consumers, whose inventories are at very low levels,” said Pang Ying, an analyst at trading house Shenzhen Rongtuo Trading Co. “I’ve heard from market participants that 10,000 tons to 20,000 tons has been sold from bonded warehouses to the spot market.”