SHANGHAI, Dec 5 (SMM) - As of Monday December 5, SMM copper inventory across major Chinese markets stood at 107,400 mt, down 5,300 mt from last Friday but up 16,200 mt from the same period last year when the data was 91,200 mt. The inventory in most areas of China decreased except that in Jiangsu. In detail, the inventory in Shanghai dipped 5,800 mt to 64,400 mt, the inventory in Guangdong dropped 400 mt to 15,900 mt, while the inventory in Jiangsu added 900 mt to 22,800 mt.
Lower inventory in Shanghai was caused by the small volume of customs clearance and the exports of domestic copper. The inventory in Guangdong also decreased slightly. Arrivals of goods from the surrounding smelters fell slightly, and downstream consumption improved in December, which can also be reflected in the recent increase in the daily average 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 overall supply will be higher than last week. Consumption may recover slightly amid the relaxation of COVID-19 control measures in various regions. The inventory this week will drop slightly amid the growing supply and demand.