Copper Inventories across Major Chinese Markets Add 5,000 mt from January 6

Published: Jan 9, 2023 17:55

Source: SMM

Save

As of Monday January 9, SMM copper inventory across major Chinese markets stood at 122,500 mt, up 5,000 mt from last Friday and 36,100 mt from the same period last year when the data was 86,400 mt.

SHANGHAI, Jan 9 (SMM) - As of Monday January 9, SMM copper inventory across major Chinese markets stood at 122,500 mt, up 5,000 mt from last Friday and 36,100 mt from the same period last year when the data was 86,400 mt. Over the weekend, the inventories in Shanghai, Guangdong, Jiangsu and Tianjin grew, while those in Jiangxi, Sichuan and Chongqing remained unchanged from last Friday. In detail, the inventory in Shanghai added 300 mt to 83,700 mt, the inventory in Guangdong rose 2,300 mt to 8,700 mt, the inventory in Jiangsu grew 2,200 mt to 23,600 mt, the inventory in Tianjin increased 300 mt to 1,300 mt, while the inventory in Zhejiang dropped 100 mt to 4,200 mt.

The continuous increase in the number of COVID-19 patients hindered the production. Besides, after the New Year's Day holiday, factories across the country successively started an early Chinese New Year holiday in advance, which further pushed up the copper inventory in various places. Smelters ramped up the shipments to east China and south China to dump their in-plant inventories approaching the Chinese New Year holiday.

SMM believes that the arrivals of domestic copper will edge higher this week amid the smelters’ dumping of inventories. Some sources will be shipped for delivery as the SHFE 2301 copper will be delivered next Monday. Processing enterprises are cautious about buying raw materials before the Chinese New Year, and the overall consumption weakens amid the high copper prices. SMM presumes that the copper inventory will continue to grow this week.

Inventory

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

Dormant Used Electronics Highlight Untapped Urban-Mine Supply

Recently, one of the report stated that around 5 billion mobile devices may be sitting idle within enterprise organizations, while nearly 90% of Americans still keep old electronics at home. Data security concerns, weak collection channels and low recycling awareness continue to limit the release of copper- and precious-metal-bearing e-scrap into formal recycling systems.

1 hour ago

ERI and Cyclic Materials Partner to Recover Critical Metals from E-Scrap

ERI and Cyclic Materials have formed a strategic partnership to recover critical minerals from e-scrap. ERI will use its eight U.S. recycling facilities to sort and pre-process magnet-bearing electronics, while Cyclic will process the material at its Arizona facility, which can handle up to 25,000 tonnes of end-of-life components per year. Cyclic’s process also recovers metals such as copper and aluminium from the same feedstock.

1 hour ago

Grupo Mexico Q2 Profit Rises 79%, Tia Maria Copper Project Reaches 42% Completion

Grupo Mexico reported a nearly 79% year-on-year increase in Q2 net profit to US$2.20 billion, supported by a 30.5% rise in copper prices. Q2 copper output fell 3.7% to 257,537 tonnes, while the company maintained its 2026 copper production guidance of 1.034 million tonnes. Grupo Mexico also raised US$1.25 billion through a 10-year bond issue to fund the Tia Maria copper project in Peru, which was 42% complete at the end of Q2.

1 hour ago