SHANGHAI, Dec 6 (SMM) – As of Monday December 6, the copper inventory across major Chinese markets increased 8,500 mt from last Friday to 91,200 mt. The inventory increase over the weekend was mainly in Shanghai and Guangdong. And the inventory in Jiangsu, Chongqing and Tianjin grew slightly. The inventory in other regions changed little.
The concentrated arrivals of imported copper is the main reason for the increase in inventories in east China. In Guangdong, some downstream producers halted production amid the high premiums, weakening the consumption. This drove the inventory growth in Guangdong. The shipments arrivals did not increase, though.
Inventories in Shanghai increased by 5,000 mt to 66,100 mt, inventories in Guangdong increased by 2,000 mt to 7,900 mt, inventories in Jiangsu increased by 700 mt to 13,100 mt, inventories in Chongqing increased by 400 mt to 900 mt, and inventories in Tianjin grew 400 mt to 1,800 mt. Inventories in other regions changed little.
There will not be large volumes of shipments arrivals of imported copper this week, while the shipments arrivals of domestic copper will increase. The consumption is likely to stabilise. The inventory will increase slightly this week.