Pre-holiday Stockpiling Winds Down Amid Rising Arrivals; Copper Social Inventory Buildup Continues [SMM Weekly Data]

SMM, September 28:

Data summary: As of Monday, September 28, SMM nationwide mainstream copper inventories across China rose 3,500 mt WoW from last Monday to above 70,000 mt, with total inventories down 70,000 mt from above 140,000 mt in the same period last year.

By region, inventories in east China accumulated due to the arrival of imported copper; in south China, downstream holiday days increased, pre-holiday stockpiling largely wound down, and restocking willingness was weak.

Looking ahead, on the supply side, arrivals of both domestic and imported cargoes increased, and spot supply trended looser; on the demand side, holiday stockpiling was largely completed, and high premiums further suppressed downstream purchase willingness. For complete regional inventory breakdowns, historical series, and detailed changes, please log in to the SMM data terminal.