China copper inventory surged 37,300 mt, the 1st weekly increase since late March

SHANGHAI, Jul 3 (SMM) – Copper inventories in three major consumption areas in China rose sharply this week, as high prices subdued demand while inflows of imported cargoes increased.

SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, increased 37,300 mt from last Wednesday June 24 to 199,300 mt as of Friday July 3. This marked the first weekly increase since March 20.