Copper Inventories Down 6,100 mt on Week

SHANGHAI, Jul 30 (SMM) - Copper inventories in domestic mainstream areas decreased on weakened de-stocking.

SMM data showed that copper inventories across mainstream areas in China fell 6,100 mt from this Monday to 150,200 mt as of Friday July 30. Among them, inventories in Shanghai decreased 3,900 mt to 78,000 mt; Guangdong shrank 2,700 mt to 61,600 mt; Jiangsu added 700 mt to 7,000 mt; Zhejiang declined 100 mt to 1,200 mt; Chongqing and Jiangxi were flat from Monday; Tianjin decreased slightly.

Overall de-stocking continued this week, but weakened than before mainly as a result of imported copper. In addition, the wide price spread between Tianjin and Shanghai encouraged delivery from smelters in north China to east China, leading to inventory increase in Jiangsu and decrease in Tianjin. Lastly, participants shall pay close attention to arrivals of imported copper as news came that more will arrive after customs clearance.