SHANGHAI, Jan 14 (SMM) – As of Friday January 14, the copper inventory across major Chinese markets added 200 mt from Monday January 10 to 86,600 mt, which is quite rare recently.
The inventory in Shanghai rose greatly by 7,200 mt to 69,000 mt, and that in Guangdong and Jiangsu dropped by 2,600 mt and 3,800 mt respectively to 9,100 mt and 5,300 mt. Tianjin saw a decrease of 900 mt to 800 mt. The inventories in Guangdong and Jiangsu dropped more significantly amid less arrivals and restocking demand ahead of the Chinese New Year. Tianjin saw a decline in inventory mainly because the local COVID-19 pandemic has prompted some smelters to ship their goods to east China, resulting in lower inventory in Tianjin and rising inventory in Shanghai. The inventory increase in Shanghai was also partly contributed by the slight increase in imports that cleared the customs.
Looking into next week, as more downstream companies will take the CNY holiday, the demand will weaken further. Hence the inventory will enter the upside trajectory.