SHANGHAI, Jun. 18 (SMM) – As of June 14, SHFE copper inventories hit 183,400 mt, approaching levels seen in last October. This marks the third week in a row that inventories increased, following an eighth straight week of declines earlier.
Based on data over the past three years, SHFE copper inventories usually drop to the lowest in May and June before growing again with dwindling consumption. LME copper inventories have been high at 600,000 mt recently.
Copper supply will be in surplus this year. The International Copper Study Group (ICSG) reports that surplus copper worldwide will hit 415,000 mt in 2013, contributed largely by China.