SHANGHAI, Jun 24 (SMM) – Copper inventories in three major consumption areas in China continued to fall at a fast pace in the week to June 24, with stocks in Shanghai dipping the most.
SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, decreased 17,900 mt from last Friday to 162,000 mt as of June 24. The stocks shrank 19,000 mt in the week ended June 19.
Inventories in Shanghai fell a significant 14,500 mt on the week to 127,000 mt as of June 24, following a 20,500 mt decline last week.
As of June 24, inventories in Guangdong stood at 11,000 mt, down 1,900 mt from last Friday, with stocks in Jiangsu also inched down, by 1,500 mt on the week to 24,000 mt.
