Copper Inventory across Major Chinese Markets Decreased 9,900 mt

SHANGHAI, Mar 21 (SMM) - As of Monday March 21, SMM copper inventory across major Chinese markets decreased 9,900 mt from last Friday to 162,600 mt. The decrease in inventory was mainly caused by the following two reasons. Firstly, the COVID-19 swept across China, especially the east. Regions where were hit by COVID-19 issued traffic control in different degrees. As a result, the arrivals in each warehouse were small. Secondly, local enterprises picked up goods from the warehouses frequently. Inventory in other regions of China decreased on weekends, except for the inventory in Chengdu which increased slightly by 100 mt. In detail, the inventories in Shanghai dropped 5,900 mt to 100,200 mt, the inventories in Guangdong decreased 2,500 mt to 45,300 mt, the inventories in Jiangsu fell 900 mt to 9,200 mt, the inventories in Chongqing dipped 400 mt to 2,600 mt, and the inventories in Zhejiang dropped 300 mt to 1,600 mt. Looking forward to this week, the arrivals will not increase, while the consumption may recover amid relaxed pandemic prevention and control, thus the inventory will continue to decrease this week.