Copper inventories in major regions across the country increased by 1,200 mt during the week [SMM Weekly Data].

Published: Jan 2, 2025 12:28

Save

[SMM Weekly Data on Copper Inventories in Major Regions] As of Thursday, January 2, copper inventories in major regions across China tracked by SMM increased by 1,200 mt from Monday to 114,300 mt, up by 8,900 mt WoW. Weekly inventories have risen for two consecutive weeks. Compared to Monday's inventory changes, most regions across the country saw an increase, with only Jiangsu and Tianjin experiencing slight declines. Total inventory was 37,400 mt higher YoY compared to 76,900 mt in the same period last year. Among them, Shanghai's inventory was 22,500 mt higher YoY, Jiangsu's was 15,200 mt higher, and Guangdong's was 600 mt higher.

As of Thursday, January 2, SMM national copper inventories in major regions increased by 1,200 mt from Monday to 114,300 mt, up by 8,900 mt WoW. Weekly inventories have risen for two consecutive weeks. Compared to Monday's inventory changes, most regions across the country saw an increase in inventory, with only Jiangsu and Tianjin experiencing slight declines. Total inventory was 37,400 mt higher YoY compared to 76,900 mt last year. Among them, Shanghai's inventory was 22,500 mt higher YoY, Jiangsu's was 15,200 mt higher, and Guangdong's was 600 mt higher.

Specifically, Shanghai's inventory increased by 300 mt from Monday to 79,100 mt, mainly due to the continued arrivals of imported copper. Jiangsu's inventory decreased by 1,800 mt to 18,800 mt, primarily because of reduced arrivals of domestic copper. Guangdong's inventory increased by 3,500 mt to 10,000 mt, as downstream consumption in Guangdong has significantly weakened recently, which is also reflected in the continuous decline in Guangdong's daily outflows from warehouses.

Looking ahead, it is reported that smelter shipments next week are expected to decrease compared to this week (as smelters conducted inventory clearance this week), and arrivals of imported copper are not expected to decline significantly. Thus, total supply is expected to be slightly lower than last week. On the demand side, with ample downstream funds at the beginning of the year, consumption is expected to be higher than last week. Therefore, we believe that next week will see a scenario of reduced supply and increased demand, and weekly inventories may decline again.

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 to learn 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

Feb 6, 2026 23:56

"Premier Li Qiang Leads State Council Meeting on Enhancing Effective Investment, Boosting Economic Growth"

Premier Li Qiang presided over an executive meeting of the State Council to study policy measures for promoting effective investment. The meeting noted that promoting effective investment plays an important role in stabilizing economic growth and strengthening momentum for development. It is necessary to innovate and improve policy measures, and intensify efforts to enhance the efficiency of utilizing funds such as central budget investments, ultra-long-term special treasury bonds, local government special bonds, and new-type policy-based financial instruments. In conjunction with formulating and implementing the 15th Five-Year Plan

Feb 6, 2026 23:56

Feb 6, 2026 23:54

"Guided by Xi Jinping Thought, Implement 20th CPC Congress Spirit, Apply New Development Philosophy...

Guided by Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era, we will thoroughly implement the spirit of the 20th National Congress of the Communist Party of China and the plenary sessions of the Party’s 20th Central Committee, fully and faithfully apply the new development philosophy, strengthen top-level design, build computing power interconnection nodes oriented toward national hub periods, major strategic regions, and key industries, establish a system of computing power interconnection nodes, improve the efficiency and service level of public computing power resources, and promote high-quality development of computing power.

Feb 6, 2026 23:54

Feb 6, 2026 23:47

Indirect Iran-US Nuclear Talks in Muscat Show Progress, Omani FM Mediates Tense but Efficient Discussions

After intensive indirect consultations, the new round of nuclear talks between Iran and the US in Muscat, the capital of Oman, has achieved phased progress. It is reported that during this round of talks, the Iranian and US delegations did not meet directly. Instead, Omani Foreign Minister Badr acted as an intermediary, conveying a series of core proposals, strategic concerns, and policy positions to the other side. The atmosphere at the talks was tense yet efficient. According to preliminary on-site assessments, although both sides continue to negotiate over specific terms, they have reached a consensus on the key objective of "continuing dialogue."

Feb 6, 2026 23:47