Pre-Holiday Stockpiling Combined with Limited Supply Replenishment: Copper Social Inventory Drawdown Underpins Prices and Premiums [SMM Weekly Data]

SMM, September 24:

Data summary: As of Thursday, September 24, SMM nationwide mainstream copper inventories across China fell by 16,500 mt WoW to around 70,000 mt, with total inventories down by roughly 70,000 mt compared to around 140,000 mt in the same period last year.

By region, inventories in major consumption areas of east China showed mixed performance, with overall inventories stabilizing; south China saw notable destocking and was one of the main contributors to this period's decline.

Overall, limited supply-side replenishment, coupled with the release of pre-National Day stockpiling demand, sustained the destocking trend, providing strong bottom support for copper prices and spot premiums. For complete regional inventory data, historical series, and detailed changes, please log in to the SMM data terminal.