Copper Inventories in Major Trading Markets Down 3,700 mt over Weekend

SHANGHAI, Sep 13 (SMM) - Copper social inventories in major trading markets in China fell 3,700 mt to 123200 mt from Friday September 10. The decrease was mainly contributed by Shanghai and Guangdong. Specifically, inventories in Shanghai fell 3300 mt to 84400 mt from last Friday; while Guangdong saw decline of 1800 mt to 18900 mt. Inventories in other markets like Jiangsu, Chongqing, Chengdu and Tianjin all recorded slight increase.

Meanwhile, imports of copper were quickly consumed by downstream producers before being stored to the warehouses. SMM estimate that domestic inventory this week is likely to fall due to restocking demand by downstream sector ahead of Mid-Autumn Festival, should there be no significant increase in copper imports.