SHANGHAI, Oct 29 (SMM) – The copper inventory across major Chinese markets increased 3,900 mt from Monday October 25 to 102,500 mt as of Friday October 29.
The inventory in Chongqing and Tianjin decreased slightly by 700 mt and 1,000 mt respectively. And the stock accumulation was seen in Shanghai and Guangdong. The inventories in Shanghai increased 5,400 mt to 70,900 mt, and the inventory in Guangdong increased100 mt to 14,200 mt. The slight increase in customs clearance for imported copper, coupled with the weak consumption at the month-end, accounted for the inventory growth in Shanghai and Guangdong.
Due to the low local spot premium in Tianjin, smelters in the north shifted to deliver the goods to east China, which lowered the inventory in Tianjin. The volume of imported copper will not be large next week. And domestic smelters reportedly cut output. As such, the supply will decrease. But downstream consumption will pick up amid eased power rationing. Domestic inventories will decrease slightly next week.
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