Copper Inventory in Major Chinese Markets Added 200 mt over Weekend

SHANGHAI, Jul 4 (SMM) - As of Monday July 4, SMM copper inventory across major Chinese markets increased slightly by 200 mt from last Friday to 126,400 mt.  Recently, the inventory has been on an upward trend, and the market shall keep an eye on whether the inventory will rise continuously in July. The total inventory fell by 99,800 mt compared with the same period last year when the inventory was recorded at 226,200 mt. In detail, the inventory in Shanghai increased by 1,400 mt to 87,500 mt, the inventory in Jiangsu rose by 500 mt to 5,800 mt, and the inventory in Chengdu added 200 mt to 1,300 mt. The inventory in Guangdong decreased by 1,400 mt to 28,500 mt, the inventory in Chongqing fell by 400 mt to 1,400 mt, and the inventory in Tianjin dropped by 100 mt to 1,000 mt.

The inventory in Shanghai rose slightly as the arrival of imported copper increased last weekend, while the inventory in Guangdong decreased because of the typhoon, which will be restored early this week. In Tianjin, the arrival decreased owing to the overhaul of smelters in west Inner Mongolia.

Looking forward, the quantity of imported copper and domestic copper will still be large, and the recovery of consumption is of utmost concern. The downstream did not purchase actively because of the falling copper prices today. It is expected that the supply will still be slightly better than the consumption this week, and the weekly inventory may increase.