Copper Inventories in Major Trading Markets Up 200 mt over Weekend

SHANGHAI, Aug 16 (SMM) - Copper social inventories in major trading markets in China edged up 200 mt to 159700 mt from Friday August 13.

Inventories in Shanghai slid 100 mt to 95100 mt from Friday August 13; Guangdong fell 1100 mt to 48300 mt; Chongqing decreased 600 mt to 2200 mt; Jiangsu, Zhejiang, Jiangxi and Chengdu were basically flat from Friday. The only increase was in Tianjin where inventories added 2000 mt to 3800 mt.

Variations in domestic copper cathode inventories over the weekend were minimal, with continuous decreases in Shanghai and Guangdong mainly caused by reduced arrivals of copper imports and domestic copper. Inventories in Tianjin rose due to narrowed spread between prices in Tianjin and Shanghai as well as decreased shipments from north-east China to east China.

Arrivals of copper imports remain as the focus of this week. Fall in import volume will possibly sustain the de-stocking trend, and vice versa.