MYMETAL: Tight supply sends China copper stocks lower
Apr 28, 2020 17:30
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Deliverable copper stocks in the warehouses of the Shanghai Futures Exchange and those in warehouses in the nine major Chinese cities for the copper industry declined by another 37,200 tonnes on week to reach 356,000 tonnes as of April 24, according to Mymetal’s data. Last week’s fall was steeper than the prior week’s 26,700 tonnes decline, Mymetal notes.
“With the Labour Day holidays approaching, copper users such as fabricators and processors accelerated their restocking of refined copper, hastening the digestion of (spot) copper inventory,”explained a Shanghai-based analyst, noting that usually, copper users don't observe the Labour Day holidays – early Spring being a peak season for copper tube