Copper Inventories in China's Major Regions Resumed Destocking in the First Week After the Holiday [SMM Weekly Data]

SMM May 8 News:

Data Brief: As of Friday, May 8, SMM copper inventories across major regions nationwide decreased by 1,400 mt WoW from the post-holiday level to 251,500 mt, with total inventories up 131,400 mt compared to the same period last year (120,100 mt).

Specifically, in Shanghai, imported and domestic copper continued to flow into warehouses, with inventory maintaining a buildup trend; in Jiangsu, overall arrivals were relatively low, and coupled with gradually recovering consumption after the holiday, inventory continued to decline; in Guangdong, although domestic copper arrivals saw steady recovery, they remained at relatively low levels overall, and with downstream processing enterprises resuming normal operations and consumption after the holiday, regional inventory saw some destocking.

Looking ahead, supply side, imported copper arrivals are expected to show incremental growth, and domestic copper arrivals are also expected to rebound overall; demand side, processing enterprises are gradually resuming production after the holiday, with marginal demand recovery, but under the suppression of elevated copper prices, downstream procurement and consumption remain mediocre. The current market presents a pattern of limited supply increases and slight consumption recovery, and China's copper cathode social inventory is expected to maintain a slight destocking trend next week.