Copper Inventory across Major Chinese Markets Added 1,100 mt over Weekend

SHANGHAI, Jul 11 (SMM) - As of Monday July 11, SMM copper inventory across major Chinese markets increased by 1,100 mt to 119,200 mt, down by 7,200 mt from last Monday. In detail, the inventory in Shanghai increased by 3,300 mt to 83,200 mt, the inventory in Guangdong dropped by 1,700 mt to 26,100 mt, the inventory in Jiangsu fell by 500 mt to 5,300 mt, and the inventory in other regions remained unchanged.

Higher inventory in Shanghai was contributed by the inflow of imported copper on the weekend. Downstream restocked on a limited scale after copper prices fell. Looking forward, approaching the delivery of the 2207 contract this week, domestic supply may increase slightly as the shipments from smelters will rise and the customs clearance of imported copper will be limited. Meanwhile, the market shall pay attention to the pandemic situation in China. It is expected that the weekly inventory this week will increase slightly.