SHANGHAI, May 16 (SMM) - As of Monday May 16, copper inventory across the major Chinese market increased by 7,900 mt from last Friday to 126,800 mt. The total inventory fell 223,400 mt from the same period last year when the inventory was recorded at 350,200 mt. Last weekend, the inventories all over the country increased. In detail, the inventory in Shanghai increased by 800 mt to 85,400 mt, that in Guangdong rose by 6,800 mt to 33,100 mt, and that in Zhejiang increased by 300 mt to 300 mt.
The inventory in Guangdong and Shanghai increased significantly last weekend. There are two main reasons for the concentrated arrival of goods in the warehouses in Guangdong last weekend. 1. Smelter increased the shipment volume for delivery. 2. Last week, poor weather and logistics problem dragged down the arrival and unloading of the warehouse, and many goods were not moved into the warehouses until the weekend. The increase in Shanghai inventory was contributed by the added arrivals of imported copper.
Looking forward, SMM expects that the weekly inventory may increase this week due to the increase in imported copper and the stable consumption.
The above representation and data is based on market information SMM believes to be reliable at the time of acquiring as well as the comprehensive assessment by SMM research team, and any and all information provided in this article is for reference only. This article does not constitute a direct recommendation for investment or any decisions in any form and clients shall act on their own discreet and any decisions made by clients are not within the responsibility of SMM.