Copper Prices Pulled Back, China Copper Social Inventory Restarted Destocking [SMM Weekly Data]

Published: Jun 25, 2026 15:41

Save

SMM News on June 25:

Data Summary:

As of Thursday, June 25, SMM copper inventories in major Chinese regions increased by 11,700 mt WoW to 206,000 mt, with total inventories up 75,900 mt YoY from 130,100 mt.

In detail, in Shanghai, falling copper prices boosted downstream procurement, turning inventory from an increase to a decline; in Jiangsu, as prices pulled back, end-use demand improved and inventory also declined; in Guangdong, downstream consumption slowed mid-year, while smelters rushed to ship goods and deliveries to warehouses increased, causing inventory to continue rising.

Looking ahead, on the supply side, arrivals of imported and domestic copper cathode are expected to increase in the short term; on the demand side, after a sharp decline in copper prices, downstream factories concentrated on settling prices and stockpiling. Currently, spot market supply is ample and purchasing sentiment is recovering, and next week, national copper social inventories are expected to maintain their destocking pace.

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 for 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.minsAgo

US Inflation Indicators Meet Expectations, Copper Prices in and Outside China Rise Amid Volatility [SMM Copper Morning Meeting Minutes]

SMM Morning Meeting Summary: Overnight, LME copper opened at $13,231.5/mt, edged up to $13,308/mt in early trading, then drifted lower to touch a low of $13,190/mt, and finally closed at a high of $13,316/mt, up 2.22%. Trading volume was 26,000 lots, and open interest was 248,000 lots, up 306 lots from the previous trading day, indicating that bulls added positions. Overnight, the most-traded SHFE copper 2608 contract opened at 102,180 yuan/mt, edged up to 102,600 yuan/mt, then drifted lower to touch a low of 101,640 yuan/mt, and closed at 102,260 yuan/mt, up 1.03%. Trading volume was 55,000 lots, and open interest was 162,000 lots, down 2,799 lots from the previous session, indicating that bears reduced positions. On the macro front, US PCE data largely met expectations, and the US dollar index halted its three-day rally. Geopolitically, another vessel attack occurred in the Strait of Hormuz; Iran warned that unauthorized transits are "unacceptable," and Israel denied withdrawing troops from southern Lebanon, which heightened Middle East tensions again and pushed geopolitical risk premiums higher. These factors eased rate hike concerns, and the US dollar stopped rising and pulled back, helping copper prices stabilize and rebound.

Common.Time.minsAgo

Common.Time.hoursAgo

North Copper to Decide CCL Investment Plan Based on Thorough Market Survey, Has Capacity for 6μm Rolled Copper Foil

Common.Time.hoursAgo

The operating rate of Chinese enterprises producing waste anode plates declines

[SMM Copper Anode Market] As copper prices fell, the price difference between primary metal and scrap narrowed. From June 19-25, the SMM weekly operating rate of domestic scrap-derived copper anode plate producers fell 2.48 percentage points WoW to 47.76%, and is expected to decline 2.49 percentage points WoW next week to 45.27%.

Common.Time.hoursAgo