Specifically, Shanghai's inventory decreased by 2,100 mt WoW to 78,800 mt. Although imported copper arrivals were recorded over the weekend, domestic copper arrivals were limited, and downstream consumption remained moderate, leading to a decline in inventory in this region. Jiangsu's inventory increased by 6,900 mt WoW to 20,600 mt, while Guangdong's inventory rose by 2,700 mt WoW to 6,500 mt. The increase in inventory in these two regions was due to higher domestic copper arrivals and slightly weaker consumption, as reflected by the continued decline in Guangdong's daily outflows from warehouses.
Looking ahead, we expect both domestic and imported copper arrivals to remain substantial this week, with total supply expected to increase WoW. On the downstream consumption side, the year-end effect is evident, and we anticipate weaker downstream consumption this week. According to our survey, the weekly operating rate of copper cathode rod production is expected to drop to 68.46%, down by 6.46 percentage points WoW. Therefore, we believe this week will see a scenario of increased supply and reduced demand, with weekly inventories likely to continue rising.
