Copper Inventory across China’s Major Trading Markets Increased by over 20,000 mt After the National Day Holiday
SHANGHAI, Oct 8 (SMM) - As of October 8, the copper inventory across China’s major trading markets increased by 20,900 mt from September 30 to 111,000 mt. Inventories increased in each of the major trading markets, with Shanghai (+10,900 mt) and Guangdong (+6,400 mt) contributing most of the overall growth. The power rationing continued in many regions during the National Day holiday, affecting both upstream smelters and downstream processing companies. The inventory increase on the first day after the National Day this year is smaller than the increase of 23,000 mt in the same period of previous years, indicating that the impact of power rationing on supply is slightly greater than the impact on demand. The recent inflows of imported copper are limited. Downstream demand will recover slightly as power rationing in some areas has eased. Therefore, SMM expects that the copper inventory will drop slightly next week.