SHANGHAI, Aug 26 (SMM) - As of Friday August 26, SMM copper inventory across major Chinese markets stood at 68,300 mt, up 9,800 mt from Monday and 7,000 mt from last Friday. Compared with Monday's data, copper inventory in most regions across China decreased except that in Shanghai. The total inventory fell 66,200 mt compared with the same period last year when the inventory was recorded at 134,500 mt. Among them, the inventory in Guangdong dropped 33,800 mt, and that in Shanghai dipped 22,100 mt.
In detail, the inventory in Shanghai added 13,600 mt to 61,100 mt because the arrival of imported copper increased. The inventory in Guangdong decreased 1,900 mt to 2,700 mt, which keeps hitting new lows. On one hand, the arrival of imported copper was low. On the other hand, domestic copper output was unstable, which may not improve in the short term.
Looking forward, as the power rationing in various regions is eased, the domestic copper output will gradually increase. However, consumption is likely to weaken next week against the high premiums and copper prices as well as the month-end factor. SMM believes that the weekly inventory next week may continue to rise.
