China’s Copper Inventories in Major Regions Declined for Three Consecutive Weeks [SMM Weekly Data]

Published: Mar 30, 2026 14:44

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SMM News, March 30:

Data Brief: As of Monday, March 30, SMM copper inventories in major regions nationwide fell 13.81% WoW from last Monday, with all regions continuing destocking.

Specifically, in Shanghai, arrivals of imported and domestic cargo were normal, downstream consumption continued to recover, and inventory declined steadily; in Jiangsu, downstream consumption also improved, but the destocking pace slowed somewhat as copper prices rose again; in Guangdong, downstream consumption remained robust, and coupled with tight supply, spot inventory continued to decline.

Outlook: imported cargo continued to arrive, while arrivals of domestic cargo slowed somewhat, leaving overall supply tight; on the demand side, downstream buyers mainly made just-in-time procurement, and overall consumption slowed slightly from the previous period. According to survey data, the weekly operating rate of copper cathode rod is expected to rise to 83.76% this week, up 0.59 percentage points WoW. Considering both supply and demand, the market has now formed a pattern of “stabilizing supply and temporary stabilization in consumption,” and social inventory is expected to continue declining 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.

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