Copper Inventory in Major Chinese Markets Added 100 mt over Weekend

SHANGHAI, Sep 5 (SMM) - As of Monday September 5, SMM copper inventory across major Chinese markets added 100 mt from last Friday to 75,100 mt. The total inventory dropped 58,800 mt compared with the same period last year when the data was 133,900 mt. In detail, the inventory in Shanghai dipped 4,500 mt to 52,900 mt, the inventory in Guangdong rose 4,500 mt to 16,200 mt, the inventory in Chongqing added 100 mt to 1,100 mt, while the inventory in other regions stayed unchanged.

In Shanghai, the consumption was average over the weekend, but the arrival volume and customs clearance volume of imported copper decreased because of the typhoon, thus the inventory dropped sharply. Domestic and imported copper arrived in Guangdong increased significantly. In Chongqing, shipments from smelters rose with the end of power rationing.

Looking forward, the rebound of copper prices and the narrow spread between the copper cathode and copper scrap are conducive to consumption. The impact of the typhoon in Shanghai is expected to subside in the following two days, and the import volume will increase significantly by then. In general, the supply and demand this week will both grow, and the change in inventory will be small.