Copper Inventory in Major Chinese Markets Plunged 11,200 mt on Week to Lowest for the Year

SHANGHAI, Sep 17 (SMM) – As of Friday September 17, copper inventory across major Chinese markets plunged 11,200 mt from Monday to 112,000 mt, the lowest for the year, according to SMM data. Inventory in Jiangsu and Zhejiang rose slightly this week. Inventory in Jiangsu increased 1,100 mt, and inventory in Zhejiang grew 400 mt. Inventories declined across other regions, with sharp drop in Shanghai and Guangdong. Copper inventories in Shanghai decreased 7,600 mt from Monday to 76,800 mt; copper inventories in Guangdong were down 3,100 mt from Monday to 15,800 mt;

The downstream stockpiling demand ahead of the Mid-Autumn Festival is the main driver for the decrease in inventory.

Inventory is expected to continue to decline next week, but the decline may be smaller. It is necessary to pay close attention to the impact of power rationing in Jiangsu on downstream copper semis processing enterprises.

SMM understood that only some enterprises will cut output as a result, while most enterprises said that the impact is not significant for the time being.