China copper inventory shrank for the 14th week with a 20,500 mt fall in Shanghai

SHANGHAI, Jun 19 (SMM) – Copper inventories in three major consumption areas in China accelerated their declines this week, falling for the 14th consecutive week as of June 19, as stocks in Shanghai shrank significantly, driven by tight supply from domestic smelters and slower inflow of seaborne copper. 

SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, decreased 19,000 mt from a week ago to 179,900 mt as of Friday June 19. The stocks dipped 3,200 mt in the previous week.

Inventories in Shanghai fell the most, by a significant 20,500 mt on the week to 141,500 mt as of June 19. This followed a 5,000 mt rise in the Shanghai stocks last week. 

As of June 19, inventories in Guangdong stood at 12,900 mt, down 300 mt from a week ago, with stocks in Jiangsu further piling up, by 1,800 mt on the week to 25,500 mt.