SMM, January 6:
As of Monday, January 6, SMM national copper inventories in major regions increased by 1,500 mt WoW to 115,800 mt, up by 42,900 mt YoY from 72,900 mt. Among them, Shanghai inventories were 31,500 mt higher YoY, Guangdong inventories were 1,500 mt lower YoY, and Jiangsu inventories were 13,000 mt higher YoY.
》Click to Apply for Access to the SMM Metal Industry Chain Database
Specifically, Shanghai inventories increased by 4,900 mt WoW to 84,000 mt, mainly due to increased arrivals of imported copper. Jiangsu inventories decreased by 700 mt WoW to 18,100 mt, while Guangdong inventories fell by 3,000 mt WoW to 7,000 mt. The declines in these two regions were attributed to reduced arrivals of domestic copper and slightly increased consumption, as reflected by the continuous rise in Guangdong's daily outflows from warehouses.
Looking ahead, we expect arrivals of imported copper to remain high this week, while domestic copper arrivals are expected to decrease, leading to a slight reduction in total supply. On the demand side, downstream enterprises are well-funded at the beginning of the year, and operating rates are rising. According to our survey, the weekly operating rate of copper cathode rod production is expected to increase to 76.65% this week, up by 10.22 percentage points WoW. Therefore, we anticipate a scenario of reduced supply and increased demand this week, with weekly inventories likely to decrease again.
![Altos precios del cobre frenan las compras de los transformadores; la tasa de operación y los nuevos pedidos siguen cayendo [Reseña semanal del mercado de alambre esmaltado de SMM]](https://imgqn.smm.cn/usercenter/mPNrH20251217171709.jpg)
