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

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.