Copper inventories held in Shanghai Futures Exchange-approved warehouses increased by 6.4% week on week as of Friday July 19 amid weak domestic demand and renewed concerns over the possible escalation of trade tensions between the United States and China, the world's two largest economies.
Deliverable copper stocks at SHFE-approved warehouse rose by 9,241 tonnes to 154,520 tonnes in the week to July 19. The largest inflow of copper this week was registered at SIPG Logistics in Shanghai, with 6,863 tonnes of the metal entering the warehouse. The rise in SHFE copper inventories was ascribed to seasonally low demand and lingering concerns over US-China trade frictions intensifying. "The recent survey...