SHANGHAI, Aug 5 (SMM) - As of Friday August 5, SMM copper inventory across major Chinese markets decreased by 500 mt from Monday to 68,900 mt, down 1,700 mt from last Friday. The weekly inventory has been declining for three consecutive weeks, but the decrease rate has lowered significantly.
In detail, the inventory in Shanghai rose by 5,400 mt to 54,300 mt as the imported copper that arrived last week when the import window opened flowed into the Shanghai market this week. In Guangdong, the inventory kept falling, hitting an SMM record low, mainly due to the overhaul of a smelter in Guangxi, the temporary shutdown of the old production lines of a smelter in Guangdong, and the limited inflow of imported goods. Affected by the high spot premiums, some copper rod producers in Guangdong will suspend their production for maintenance this weekend, so the consumption may fall. The inventory in other regions of China changed little.