SHANGHAI, Jul 22 (SMM) - As of Friday July 22, SMM copper inventory across major Chinese markets declined by 15,300 mt from Monday to 94,500 mt, down 26,200 mt from last Friday.
The inventory in Guangdong decreased sharply with a weekly drop of 8,100 mt, mainly due to the decrease in import volume and shipments flowing into the warehouses in Guangdong, while the downstream consumption was fair. The decline in Shanghai inventory was smaller than that in Guangdong inventory. Last week, the inflow of copper remained at low levels, and a large amount of copper that arrived last weekend was consumed, thus the spot premiums maintained firm. The inventory in other regions of China changed little.