SHANGHAI, Jan 24 (SMM) – As of Monday January 24, the copper inventory across major Chinese markets increased 1,400 mt from last Friday to 90,400 mt. The inventories recorded gains on Monday over the weekend for eight straight weeks, but the increment has always been moderate.
The inventories increased in Guangdong, Jiangsu and Tianjin over the weekend, and dropped slightly in Shanghai. The other markets saw little changes. The copper imports in Shanghai dropped, and the downstream was still restocking, resulting in slightly dropping inventories. The increase in inventories was the result of more arrivals in Jiangsu from north China, weakening demand in Guangdong due to the holiday factor, and the added arrivals in Tianjin amid easing COVID-19 situation.
In details, the inventory dropped 1,500 mt to 62,400 mt in Shanghai, added 400 mt to 13,200 mt in Guangdong, rose 2,000 mt to 9,300 mt in Jiangsu, and climbed 500 mt to 3,000 mt in Tianjin,
Looking into this week, the demand is likely to weaken drastically as most companies will be closed for CNY holiday, while the arrivals at the warehouses will increase palpably. Hence the weekly inventory is likely to rise further.
