SHANGHAI, Dec 2 (SMM) - As of Friday December 2, SMM copper inventory across major Chinese markets stood at 112,700 mt, down 1,300 mt from Monday and 700 mt from last Friday. Compared with Monday’s data, the inventories in east China and Tianjin declined, while those in the south and south-west China grew slightly. The total inventory was 30,000 mt higher than in the same period last year when the figure was 82,700 mt. Among them, the inventory in Shanghai added 9,100 mt, that in Guangdong grew 10,400 mt, and that in Jiangsu rose 9,500 mt.
In detail, the inventory in Shanghai dropped 1,700 mt to 70,200 mt compared with Monday, and that in Jiangsu fell 400 mt to 21,900 mt. The arrivals of imported and domestic copper were limited this week, and downstream companies increased their purchases in December. Inventory in Guangdong added 800 mt to 16,300 mt. On one hand, the surrounding smelters resumed their normal production and increased their shipments. On the other hand, the overall consumption in Guangdong was poor, which is reflected in the low average daily shipment flowing out of the warehouses in Guangdong.
Looking forward, the arrival of imported copper will rise this week, but that of domestic copper will not grow sharply, the SMM survey shows. The overall supply will be higher than this week. Consumption may recover slightly amid the relaxation of COVID-19 control measures in various regions. The inventory next week will drop slightly amid the growing supply and demand.
