Copper Inventories Up 15,100 mt from Monday

SHANGHAI, Aug 6 (SMM) - SMM data showed that copper inventories across mainstream areas in China climbed 15,100 mt from this Monday to 171,000 mt as of Friday August 6.

Among them, inventories in Shanghai increased 17500 mt from this Monday to 95100 mt; Guangzhou deceased 3900 mt to 63300 mt; Jiangsu increased 100 mt to 7100 mt; Zhejiang, Chongqing, Chengdu and Jiangxi were basically flat from this Monday; Tianjin inched up 1400 mt to 2200 mt.

Domestic overall inventories increased for two consecutive periods, and re-stocking was seen for the first time since May 21. Re-stocking of this week was mainly the result of large imports and decreased consumption in east China due to pandemic. According to SMM, there will be considerable inflow of copper imports after customs clearance. If consumption remains weak, domestic inventories are likely to further increase.