Specifically, Shanghai's inventory increased by 5,100 mt from Monday to 79,300 mt. Both imported copper and domestically produced copper arrived this week, while downstream consumption showed signs of weakening, leading to a decline in inventory in this region. Jiangsu's inventory decreased by 3,500 mt to 14,500 mt, as downstream procurement volume significantly increased during the pre-holiday stockpiling peak. Guangdong's inventory increased by 1,700 mt to 8,900 mt, as arrivals in Guangdong significantly increased recently, while downstream consumption weakened. This is also reflected in Guangdong's daily outflows from warehouses, which remained at low levels.
Looking ahead, it is reported that next week's imported copper arrivals are expected to remain basically flat compared to this week, while smelter shipments are expected to increase, leading to a total supply increase WoW. On the downstream consumption side, as the Chinese New Year approaches, more downstream enterprises are expected to go on holiday, resulting in weaker consumption next week compared to this week. Therefore, we anticipate a scenario of increasing supply and decreasing demand next week, with weekly inventories continuing to rise.
