China's Mainstream Regional Copper Social Inventory Edged Up WoW [SMM Weekly Data]

SMM May 28 News:

Data Brief: As of Thursday, May 28, SMM copper inventories in mainstream regions nationwide increased by 1,000 mt WoW to 245,200 mt, up 106,500 mt compared to the same period last year (139,900 mt).

Specifically, arrivals of both imported and domestic copper in Shanghai rebounded steadily, while rising copper prices suppressed downstream purchasing, leading to subdued market trading and increased regional inventory; in Jiangsu, domestic copper arrivals declined, and inventory pulled back slightly; in Guangdong, end-use consumption remained weak, but supply sources were even tighter, and inventory also decreased slightly.

Looking ahead, imported copper arrivals are expected to remain tight overall in the short term, while domestic copper arrivals are expected to edge up. The phased pullback in copper prices is expected to boost downstream stocking willingness, with market demand gradually recovering. Currently, the market presents a pattern of slightly increasing supply and marginal demand improvement, and China's social copper inventories are expected to see a slight inventory buildup next week.