ICSG:7 copper refining gap widens to 48000 tons in January

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SMM recorded social inventory in Shanghai at 43,900 mt, down 14,700 mt MoM; social inventory in Jiangsu stood at 20,600 mt, down 200 mt MoM. Trading performance was relatively strong last Thursday and Friday, with downstream processing enterprises picking up goods as usual, while limited inbound supply replenished warehouses, driving a notable decline in Shanghai inventory and keeping available cargoes in the market persistently tight. Although some imported copper arrived successively, most of it flowed directly to downstream processing enterprises and did not enter warehouse statistics. Meanwhile, as the Mid-Autumn Festival and National Day holidays approach, some downstream enterprises have begun pre-holiday stockpiling, further boosting spot procurement demand. Overall, supported by low inventory, tight availability of cargoes, and pre-holiday stockpiling demand, Shanghai spot premiums are expected to have room to edge up slightly tomorrow.