Copper Inventory across Major Chinese Markets Decreased by 10,900 mt over Weekend

Published: Jul 18, 2022 17:31

Source: SMM

Save

As of Friday July 18, SMM copper inventory across major Chinese markets stood at 109,800 mt, down 10,900 mt from last Friday and down 9,400 mt from last Monday.

SHANGHAI, Jul 18 (SMM) - As of Friday July 18, SMM copper inventory across major Chinese markets stood at 109,800 mt, down 10,900 mt from last Friday and down 9,400 mt from last Monday. The inventory in Shanghai decreased by 6,400 mt to 80,400 mt from last Friday, the inventory in Guangdong fell by 3,600 mt to 20,400 mt, the inventory in Chongqing dropped by 1,000 mt to 900 mt, while the inventory in other regions changed little.

Downstream made some purchases after the sharp drop in copper prices last week. In addition, the narrow spread between the copper cathode and copper scrap picked up the copper cathode consumption. On the supply side, because of the closed import window and the maintenance of Nanguo Copper, the inventory fell last weekend.

Inventory

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

15 mins ago

Copper Prices Continue to Hit New Highs, Secondary Copper Rod Enterprises Limit Order Taking [SMM Secondary Copper Daily Review]

15 mins ago

1 hour ago

Copper Prices Hit New Highs Again: Morgan Stanley Cuts Production Growth Forecast

Morgan Stanley has lowered its global copper ore supply growth expectations to basically flat or even declining. The logic behind copper prices hitting new highs is shifting from short-term "panic buying" to a resonance of tightening supply and growing demand: Chilean production remains under pressure; meanwhile, demand expansion from data centers, energy transition, and other sectors further reinforces the tight supply-demand balance.

1 hour ago

High copper prices continue to suppress demand; SHFE copper spot premiums remain under pressure [SMM SHFE copper spot]

[SMM Shanghai Spot Copper] Looking ahead to tomorrow, SHFE copper prices have recently been trading above 110,000 yuan/mt, and the dampening effect of high copper prices on end-user procurement has become increasingly evident. Although some end-users, concerned that copper prices may continue to rise, made small-volume restocking purchases when futures pulled back, overall procurement remained primarily need-based, with a strong wait-and-see sentiment prevailing in the market. By sector, orders at wire and cable enterprises were relatively weak, with some enterprises showing reduced willingness to take on new orders, dragging on copper cathode purchases. Orders at copper foil enterprises were relatively stable, with demand resilience still intact, but their boost to overall spot consumption remained limited. Meanwhile, the backwardation spread between the front-month and next-month contracts widened further to 560–630 yuan/mt, and suppliers continued to face pressure from position rollovers and shipments. Intraday, standard-quality copper quotes were lowered repeatedly before transactions were concluded, reflecting that downstream acceptance of current high copper prices and spot premiums remains limited. Overall, under the combined influence of weak end-use demand, strong wait-and-see sentiment, and a backwardation structure fluctuating at highs, spot prices against the SHFE copper 2609 contract are expected to remain at a premium tomorrow, though the overall center may edge slightly lower. However, with need-based buying still absorbing some low-priced cargoes after transactions, further downside room is expected to be relatively limited.

1 hour ago