Crude oil is getting clobbered after a massive inventory build

[SMM Shanghai Spot Copper] Tomorrow, on the inventory front, SMM data shows that Shanghai social inventory stood at 134,200 mt, down 4,100 mt WoW from last Thursday; Jiangsu inventory stood at 41,200 mt, down 900 mt WoW. Although some imported cargo arrived at ports, overall warehouse withdrawals last week were good, and inventory continued a slight destocking trend, providing some support for spot discounts. Supplier side, the month-end selling pressure has been largely released, and market shipments have returned to normal pace. Supplier quotations were relatively stable during the day, showing no signs of significant downward adjustments. Moreover, some suppliers are bullish on the premiums outlook, and their willingness to hold prices firm has strengthened. From the invoice structure, cargoes with invoices dated this month remain relatively tight, with a certain price spread maintained between current-month and next-month invoices. Overall, with the end of month-end selling, inventory destocking, and suppliers' firm price stance, the overall discount center of Shanghai spot copper against the 2607 contract is expected to edge up further tomorrow.

Analisis SMM | 30 Juni menandai tonggak penting dalam investigasi tembaga Seksi 232 AS. Akankah tarif tembaga rafinasi diberlakukan sesuai perkiraan? Baik hasilnya berupa tarif luas, tindakan terarah, atau penundaan dan pembebasan, keputusan ini dapat membentuk ulang arbitrase COMEX–LME, premi fisik AS, arus perdagangan tembaga global, dan dinamika pasokan regional.