SMM News on January 29th:
As of Monday, January 29th, SMM's national mainstream copper inventory increased by 6,800 tons compared to last Friday, reaching 92,000 tons. Compared to the changes in inventory from last Friday, most regions across the country saw an increase, with only Shanghai experiencing a slight decrease. The total inventory is 171,900 tons lower than the same period last year, standing at 920,000 tons. Among them, Shanghai is 91,400 tons lower than the same period last year, Guangdong is 33,100 tons lower, and Jiangsu is 41,000 tons lower.
Looking specifically at the data, Shanghai's inventory decreased by 800 tons to 63,200 tons compared to last Friday. Over the weekend, there were fewer arrivals at Shanghai warehouses, but outbound shipments were still considerable, resulting in a slight decrease in inventory. Jiangsu's inventory increased slightly, mainly due to increased supply from the north. Guangdong's inventory increased significantly by 6,400 tons to 14,800 tons. Over the weekend, both domestic and imported copper arrived, and many downstream processing enterprises have entered a semi-holiday state, leading to a bleak consumption. This is reflected in the continuously decreasing daily outbound volume in Guangdong.
Looking ahead, based on our understanding, more downstream enterprises will enter a holiday state this week, further weakening downstream consumption. Smelters will increase the quantity sent to warehouses. Therefore, we expect that this week will witness an increase in supply and a decrease in consumption, and the weekly inventory is expected to continue to rise.
![[ Análisis de SMM ] Una guía visual de los informes semestrales de 2026 de 19 fundiciones de cobre](https://imgqn.smm.cn/usercenter/gCNEi20251217171715.jpeg)
