SHANGHAI, May 20 (SMM) - As of May 20, copper inventory across major Chinese markets dropped 6,900 mt from Monday to 119,900 mt, a decrease of 1,000 mt from last Friday. Compared with the data on Monday, the inventory in most regions of China this week fell, while the inventories in Shanghai and Zhejiang rose slightly. The total inventory fell 232,700 mt from the same period last year when the inventory was recorded at 352,600 mt. This week, because the arrival of imported copper in Shanghai increased, and the logistics shipped outside the city have not fully recovered, the inventory in Shanghai rose slightly. In Guangdong, since mid-week, special railway lines needed to be repaired, which leads to a decrease in arrival and inventory. The inventory in Jiangsu rose due to the increase in pick-up aroused by the recovered downstream consumption. Stimulated by the maintenance of smelters in the north and the improved local consumption, the inventory in Tianjin continued to drop.
In detail, the inventory in Shanghai increased 1,100 mt to 86,500 mt, the inventory in Guangdong dropped 7,100 mt to 26,000 mt, the inventory in Jiangsu fell 1,000 mt to 4,100 mt, and the inventory in Tianjin dipped 100 mt to 200 mt.
Looking forward, the arrival of imported copper will increase next week. Besides, the supply will rise as the railways in Guangdong will return to normal. However, the consumption may weaken as the end of the month approaches. Therefore, SMM expects that the weekly inventory next week will increase slightly.
Disclaimer:
The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.
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