SHANGHAI, Feb 26 (Reuters) - Shanghai's copper stocks soared 28 percent from two weeks earlier to 149,478 tonnes, the highest since September 2002, as large amounts of copper was moved out of bonded warehouses after last week's Lunar New Year holiday.
The unreported metal stocks in Shanghai's free-trade zone were transferred through customs to warehouses monitored by the Shanghai Futures Exchange in anticipation of a surge in buying after the Lunar New Year.
"Material that arrived after the first week of February didn't get cleared by the customs due to the holiday. In addition, buying was scarce in the entire February," said a Shanghai-based trader.
Copper stocks on warrant gained a moderate 1,802 tonnes to 31,780 tonnes, the exchange data also showed.
"The warehouses are packed, making it difficult to buy spot and sell on the futures market. So we are still seeing 300-500 yuan discount in spot prices versus futures," said Guo Yong, an analyst at Jinrui Futures.
Shanghai copper premium over three-month London copper prices widened to about 1,000 yuan from below 400 yuan at the beginning of the week, opening a window for arbitrage trade.
"Copper imports in March will rise from February, as some traders have deliberately avoided buying this month due to the week-long holiday," said the Shanghai-based trader.
Deliverable aluminium inventories rose to 370,678 tonnes from 360,253 tonnes two weeks earlier. Stocks on warrant fell 1,190 tonnes to 308,645 tonnes.
Deliverable zinc inventories rose to 223,602 tonnes from 223,300 tonnes two weeks ago, and stocks on warrant fell 1,325 tonnes to 186,097 tonnes.
The exchange was closed last week for the week-long Lunar New Year holidays.
(Editing by Ed Lane) (Reporting by Rujun Shen and Jacqueline Wong)
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