Copper inventories in major regions across the country increased by 1,700 mt over the weekend [SMM weekly data].

Published: Jan 20, 2025 12:06 (GMT+8)

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, January 20, copper inventories in major regions across China tracked by SMM increased by 1,700 mt from last Thursday to 109,800 mt. Total inventories were 29,000 mt higher YoY (80,800 mt), with Shanghai up by 14,800 mt YoY, Guangdong up by 3,900 mt YoY, and Jiangsu up by 9,500 mt YoY.

SMM, January 20: As of Monday, January 20, copper inventories in major regions across China tracked by SMM increased by 1,700 mt WoW to 109,800 mt. Total inventory was 29,000 mt higher YoY compared to 80,800 mt last year, with Shanghai up by 14,800 mt YoY, Guangdong up by 3,900 mt YoY, and Jiangsu up by 9,500 mt YoY. 》Click to Apply for Access to the SMM Metal Industry Chain Database Specifically, Shanghai's inventory decreased by 3,300 mt WoW to 76,000 mt. Although there were arrivals of imported copper, domestic copper arrivals remained limited, and downstream stockpiling sentiment was moderate, leading to a continued decline in inventory in this region. Jiangsu's inventory increased by 1,100 mt WoW to 15,600 mt, as northern supplies moved southward, boosting arrivals in the region. Guangdong's inventory rose by 3,600 mt WoW to 12,500 mt, as both imported and domestic copper arrivals increased recently. Additionally, most factories have gradually gone on holiday, reducing demand, which is also reflected in Guangdong's daily outflows from warehouses remaining at low levels. Looking ahead, as downstream end-user enterprises gradually go on holiday and have mostly completed stockpiling, our survey indicates that the weekly operating rate of copper cathode rods will drop to 55.05% this week, down by 15.41 percentage points WoW. With downstream demand decreasing, suppliers are expected to increase shipments to warehouses. Therefore, we anticipate a scenario of increasing supply and decreasing demand this week, with weekly inventories likely 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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