SHANGHAI, Jun 12 (SMM) – Copper inventories in three major consumption areas in China extended their declines this week, falling for the 13th consecutive week as of June 12, but stocks in Shanghai expanded for the second straight week and inventories in Jiangsu rebounded.
SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, decreased 3,200 mt from a week ago to 198,900 mt as of Friday June 12. The stocks dipped 2,800 mt in the previous week.
Guangdong accounted for the overall decline this week, falling 8,900 mt week on week to 13,200 mt, driven by reduced shipments from smelters, limited arrivals of imported copper and brisk consumption.
Limited availability has lifted spot copper premiums in Guangdong to 95 yuan/mt as of June 12, from 45 yuan/mt on Monday, while offers in Shanghai flipped to discounts on June 8.
Inventories in Shanghai added 5,000 mt from a week ago to 162,000 mt as of June 12, with stocks in Jiangsu edging up 700 mt on the week to 23,700 mt.
