Copper Inventory in Major Chinese Markets Fell 7,800 mt over Weekend

SHANGHAI, Aug 23 (SMM) – As of Monday August 23, copper inventory across major Chinese markets fell 7,800 mt from last Friday to 143,000 mt, according to SMM data.

Copper inventories in Shanghai fell 2,100 mt to 87,900 mt compared with last Friday; copper inventories in Guangdong decreased 5,900 mt to 37,600 mt; copper inventories in Tianjin were down 300 mt to 3,000 mt; copper inventories in Chongqing increased 600 mt to 2,000 mt; inventories in other regions changed little.

Inventory declines across Shanghai and Guangdong drove the drop in domestic copper inventory. The recent growth in shipments arrivals of domestic cargoes has been insignificant, and the inflow of imported copper was limited over the weekend. Meanwhile, downstream buying interest has picked up after copper prices dropped.

Domestic copper inventory is expected to decrease further this week in view of limited growth in arriving shipments and robust downstream consumption. And Guangdong will drive most of the decline.