China copper social inventory edges up MoM, regional inventory trends diverge [SMM weekly data]

Published: Sep 17, 2026 14:35

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SMM, September 17:

Data summary: As of Thursday, September 17, SMM nationwide mainstream copper inventories rose 1,600 mt WoW to 89,100 mt, down 44,600 mt from 133,700 mt in the same period last year.

By region, Shanghai saw a slowdown in domestic cargo arrivals, coupled with concentrated cargo pick-up for previously priced orders, leading to some destocking; Jiangsu saw increased domestic cargo arrivals, resulting in inventory buildup; Guangdong saw reduced arrivals and a marginal recovery in end-use consumption, with inventories continuing to decline.

Looking ahead, on the supply side, near-term arrivals of domestic and imported copper are stabilizing, keeping supply pressure limited; on the demand side, restocking for essential needs is gradually materializing, with consumption recovering modestly from earlier levels. Based on overall supply-demand fundamentals, nationwide copper social inventories are expected to continue a slight destocking trend next 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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