Copper Inventories in China’s Mainstream Regions Continued Destocking During the Week [SMM Weekly Data]

SMM News, April 2:

Data Brief: As of Thursday, April 2, SMM copper inventories in major regions across China fell 14.04% WoW from last Thursday. Total inventory increased 53,800 mt YoY from the same period last year, marking three consecutive weeks of destocking.

By region, in Shanghai, copper cathode inventory continued to pull back, supported by downstream consumption, while smelters gradually entered the maintenance cycle and arrivals tightened, with warehouse withdrawals significantly exceeding inflows. In Jiangsu, downstream consumption steadily recovered, and inventory continued to decline in tandem. In Guangdong, consumption remained robust, and coupled with tight supply in some areas, inventory kept falling.

Looking ahead, on the supply side, imported copper cargoes continued to arrive, while arrivals of domestically produced copper decreased somewhat due to smelter maintenance. On the demand side, downstream enterprises mostly purchased as needed based on their production pace. Judging from the overall supply-demand pattern, China’s copper cathode supply is expected to remain tight next week, while consumption is expected to stay broadly stable, and weekly inventory is expected to continue destocking.