Copper Inventories in Major Trading Markets Down 1000 mt over Weekend

SHANGHAI, Aug 9 (SMM) - Copper social inventories in major trading markets in China fell 1000 mt to 170000 mt from Friday August 6. Inventories in Shanghai added 500 mt to 95600 mt from Friday August 6; Guangdong fell 2200 mt to 61100 mt; Chongqing increased 700 mt to 2000 mt; Chengdu, Jiangsu, Zhejiang, Jiangxi and Tianjin were basically flat from Friday.

Domestic inventories of copper cathode fell slightly over the weekend, mainly contributed by declined inventories in Guangdong as arrivals from Guangxi and overseas market shrank from last week. In addition, inventories in Shanghai added slightly due to arrivals of imports.

Market participants shall closely watch the arrivals of copper imports this week. According to our current understanding, arrivals of imports in Shanghai and Guangdong will both decline from the previous week. And domestic inventories may fall again this week if consumption remains stable.