SMM: China's Copper Inventories Dip Slightly Despite Slowed Drawdowns, Buildup Anticipated

Published: Dec 4, 2025 11:46

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【SMM Copper Inventory Update】 As of December 4, SMM copper inventories across mainstream regions in China decreased by 100 mt WoW to 158,900 mt. Although the pace of warehouse withdrawals slowed down this week, inventories still saw a slight destocking due to lower arrivals of imported and domestic supplies. Looking ahead, SMM expects imports to further decrease, while domestic arrivals are projected to remain at normal levels. Combined with market wait-and-see sentiment as copper prices fluctuate at highs, weekly inventories are expected to show an inventory buildup trend.

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