China copper inventory grew for four straight weeks

SHANGHAI, Jul 27 (SMM) – Copper inventories in three major consumption areas in China extended their increases last week, albeit at a slower pace.

SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, grew 15,700 mt from July 17 to 255,900 mt as of Friday July 24. That marked the fourth consecutive week of increase, following after a build of 39,600 mt in the previous week.

Inventories in Jiangsu shrank 1,000 mt from a week ago to 34,700 mt as of July 24. That was offsetted by a rise of 12,500 mt in stocks in Shanghai and a buildup of 4,200 mt in Guangdong.