SHANGHAI, Jun 24 (SMM) - As of Friday June 24, SMM copper inventory across major Chinese markets decreased by 1,300 mt from Monday to 102,300 mt, down by 7,600 mt from last Friday. Compared with Monday's data, the inventories in most regions of China increased, only the inventory in Guangdong decreased. The total inventory dropped by 141,400 mt compared with the same period last year when the inventory was recorded at 243,700 mt. Among them, the inventory in Guangdong dropped by 75,300 mt, the inventory in Shanghai dipped by 42,300 mt, and the inventory in Jiangsu fell by 15,600 mt. Operating rates of copper rod plants in Guangdong were raised with the falling copper prices, thus the inventory in Guangdong decreased the most. In other regions, the sharp drop in copper prices aroused fear in terminal enterprises, hence the inventory in these areas rose.
In detail, the inventory in Shanghai increased by 3,100 mt to 77,600 mt, the inventory in Guangdong fell by 4,900 mt to 16,200 mt, the inventory in Chengdu increased by 100 mt to 1,100 mt, and the inventory in Tianjin added by 400 mt to 700 mt due to the eased pandemic.
Looking forward, all industries are required to withdraw funds approaching the end of June, so the market will see more sellers and less buyers, and the weekly inventory next week will stop falling and rise.