Ending Nine Consecutive Declines, Copper Inventories in Major Regions Nationwide Increased by 6,000 mt This Week [SMM Weekly Data]

Published: Dec 26, 2024 14:30

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Thursday, December 26, copper inventories in major regions across China monitored by SMM increased by 6,000 mt to 105,400 mt compared to Monday, and rose by 6,700 mt WoW. The weekly inventory ended nine consecutive weeks of decline with a slight rebound. Compared to Monday's inventory changes, most regions across the country saw an increase, with only Guangdong and Jiangsu experiencing slight decreases. Total inventory was 39,000 mt higher YoY compared to 66,400 mt in the same period last year. Among them, Shanghai's inventory was 31,500 mt higher YoY, Jiangsu's was 11,600 mt higher YoY, while Guangdong's was 5,200 mt lower YoY.

SMM, December 26: As of Thursday, December 26, SMM national copper inventories in major regions increased by 6,000 mt from Monday to 105,400 mt, up by 6,700 mt WoW, ending nine consecutive weeks of decline with a slight rebound. Compared to Monday's inventory changes, most regions across the country saw an increase in inventory, except for Guangdong and Jiangsu, which experienced slight decreases. Total inventory was 39,000 mt higher YoY compared to 66,400 mt last year. Among them, Shanghai's inventory was 31,500 mt higher YoY, Jiangsu's was 11,600 mt higher, while Guangdong's was 5,200 mt lower.

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Specifically, Shanghai's inventory increased by 8,800 mt from Monday to 80,900 mt, mainly due to the continued inflow of imported copper. Jiangsu's inventory decreased by 1,900 mt to 15,200 mt, and Guangdong's inventory also decreased by 1,900 mt to 3,800 mt, primarily because both imported and domestic copper arrivals were relatively low, leading to the inventory decline in these two regions. Meanwhile, inventories in Chengdu-Chongqing and Tianjin regions increased, mainly due to weakened downstream consumption and increased arrivals from smelters.

Looking ahead, our survey indicates that imported copper arrivals are expected to remain high next week. Additionally, as year-end approaches, smelters face pressure to clear inventories, which is expected to significantly increase arrivals next week. On the downstream consumption side, year-end requirements for end-users to control cash and inventory levels will likely lead to continued pullback in consumption. Therefore, we anticipate a scenario of increased supply and weakened demand next week, with weekly inventories expected to continue rising.

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.

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