Copper social inventories shrank 3,400 mt over Labour Day holiday

SHANGHAI, May 7 (SMM) – Copper inventories in China’s major consumption areas declined during the past Labour Day holiday even as stocks in Guangdong edged up. 

SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, decreased 3,400 mt from April 30 to 305,500 mt as of Wednesday May 6. This marked the seventh consecutive week of decline. 

Shanghai and Jiangsu accounted for the overall reduced inventories, while the stocks in Guangdong expanded 1,300 mt from April 30 to 40,200 mt.

The overall stocks were 90,500 mt higher than the level recorded on January 23, the last trading day before the Lunar New Year holiday.