Copper inventories in major regions across the country increased by 17,400 mt during the week [SMM Weekly Data]

Published: Jan 23, 2025 12:22

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Thursday, January 23, copper inventories in major regions across China monitored by SMM increased by 17,400 mt to 127,200 mt compared to Monday, and rose by 19,100 mt WoW. Compared to Monday's inventory changes, inventories in most regions nationwide increased, with only a slight decline in Jiangsu. Total inventories were 42,000 mt higher YoY compared to 85,200 mt in the same period last year. Among them, inventories in Shanghai were 20,900 mt higher YoY, Jiangsu 8,500 mt higher, and Guangdong 10,200 mt higher.

As of Thursday, January 23, SMM copper inventories in major regions across China increased by 17,400 mt from Monday to 127,200 mt, up by 19,100 mt WoW. Compared to Monday's inventory changes, inventories in most regions across the country increased, with only a slight decline in Jiangsu. Total inventory was 42,000 mt higher YoY compared to 85,200 mt last year. Among them, Shanghai's inventory was 20,900 mt higher YoY, Jiangsu's was 8,500 mt higher, and Guangdong's was 10,200 mt higher.

Specifically, Shanghai's inventory increased by 8,900 mt from Monday to 84,900 mt. The increase in arrivals and weaker downstream consumption significantly boosted inventory in this region. Jiangsu's inventory decreased by 500 mt to 15,100 mt, as downstream enterprises in the region continued pre-holiday stockpiling while arrivals remained limited, leading to a slight decline in inventory. Guangdong's inventory increased by 6,100 mt to 18,600 mt, as downstream enterprises gradually entered holiday mode, weakening demand. This was also reflected in the continuous decline in Guangdong's daily outflows from warehouses.

Looking ahead, it is reported that imported copper arrivals will decrease next week, while smelter shipments are expected to increase, leading to an overall increase in supply WoW. On the demand side, only a small number of enterprises are expected to continue production next week, and consumption is likely to decline significantly. Therefore, we anticipate a scenario of increasing supply and decreasing 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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