Copper inventories in major domestic regions showed a significant buildup after the Chinese New Year [SMM weekly data].

SMM February 24 News:

Data Review: As of Tuesday, February 24, SMM's national mainstream copper inventories increased by 43.81% compared to pre-holiday levels, with significant inventory buildup observed across all regions.

Specifically, the Shanghai area saw the most notable inventory accumulation due to concentrated arrivals of both imported and domestic supplies, with goods still queuing for warehousing. In Jiangsu, inventories rose due to the impact of the Chinese New Year holiday, while Guangdong also experienced inventory buildup as downstream consumption remained weak and suppliers actively delivered goods for warehousing ahead of the delivery date.

Looking ahead, on the supply side, imported copper will continue to arrive in batches, and domestic copper arrivals are expected to remain stable. On the demand side, downstream enterprises are gradually resuming production after the holiday, with demand slowly recovering. The current market is characterized by "increasing supply and recovering consumption," and social inventories are expected to see a slight buildup this week.