Weekend Destocking of Copper Inventories Continued in Major Regions Across China [SMM Weekly Data]

Published: Mar 16, 2026 14:17

Save

SMM News, March 16:

Data Brief: As of Monday, March 16, copper inventories in SMM’s major regions nationwide fell 5.46% WoW from the previous Monday, with destocking seen across all regions.

Specifically, in Shanghai, arrivals of imported and domestic supplies were normal, while downstream consumption continued to recover, leading to some inventory drawdown; in Jiangsu, inventory declined slightly, supported by recovering downstream consumption; in Guangdong, consumption continued to improve, arrivals remained normal, and inventories likewise maintained a destocking trend.

Looking ahead, arrivals of imported and domestic supplies are expected to remain stable, with overall supply stabilizing; demand side, the pullback in copper prices effectively stimulated downstream consumption, and rigid demand is gradually being released. According to the survey, the weekly operating rate of copper cathode rod is expected to rise to 79.19% this week, up 6.27 percentage points WoW. Taking both supply and demand into account, the market is currently showing a pattern of “stabilizing supply and recovering consumption,” and social inventory is expected to continue destocking this week.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.hoursAgo

Tender Notice for Projects Including Safe and Energy-Efficient Copper Conductor Rails

Common.Time.hoursAgo

The Most-Traded BC Copper Contract Closed Down 1.16%, Inflation Concerns Suppressed Expectations for Interest Rate Cuts [SMM BC Copper Commentary]

Common.Time.hoursAgo

SHFE Copper Broke Below the 100,000 Mark Again, and Downstream Purchase Sentiment Cooled

Intraday, the SHFE copper 2603 contract fell below the 100,000-yuan mark for the second time after trading began. According to SMM, spot market activity today pulled back from March 9, when the contract first fell below 100,000 yuan, with overall trading sentiment remaining subdued on both buying and selling sides. On March 16, 2026, SMM's sentiment index for procurement in the Shanghai spot market was 2.53, while the sales sentiment index was 2.63, both down 0.29 from March 9. Historical data is available in the database. According to SMM, when copper prices fell below 100,000 yuan on March 9, some enterprises had restocking demand, which briefly boosted spot trade and brought it to a post-Chinese New Year trading high. But based on market feedback today, the contract rollover in futures may have had an impact. With copper prices again trading below the 100,000-yuan threshold, downstream enterprises showed signs of weaker acceptance.

Common.Time.hoursAgo