The weekend before the Chinese New Year saw an increase of 38,600 mt in copper inventories across major regions nationwide [SMM Weekly Data].

Published: Jan 27, 2025 11:53

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, January 27, copper inventories in major regions across China tracked by SMM increased by 38,600 mt from last Thursday to 165,800 mt. Total inventories were 73,800 mt higher YoY compared to 92,000 mt in the same period last year, with Shanghai 41,200 mt higher YoY, Guangdong 10,700 mt higher YoY, and Jiangsu 17,300 mt higher YoY.

SMM, January 27: As of Monday, January 27, copper inventories in major regions across China tracked by SMM increased by 38,600 mt WoW to 165,800 mt. Total inventory was 73,800 mt higher YoY compared to 92,000 mt in the same period last year. Among them, Shanghai's inventory was 41,200 mt higher YoY, Guangdong's inventory was 10,700 mt higher, and Jiangsu's inventory was 17,300 mt higher. 》Click to Apply for Access to the SMM Metal Industry Chain Database Specifically, Shanghai's inventory increased by 19,500 mt WoW to 104,400 mt, Jiangsu's inventory increased by 9,800 mt WoW to 24,900 mt, and Guangdong's inventory increased by 6,900 mt WoW to 25,500 mt. With the strong pre-holiday atmosphere, downstream enterprises were mostly on holiday, resulting in muted demand, as reflected in the continuous decline in Guangdong's daily outflows from warehouses. Looking ahead, with the Chinese New Year holiday approaching, only a few enterprises remain operational. According to our survey, the weekly operating rate of copper cathode rod production is expected to drop to 19.61% this week, down by 35.56 percentage points WoW, and is expected to decline further next week. Facing weak demand, suppliers have no choice but to send goods to warehouses. Therefore, we believe this week will see a scenario of increasing supply and decreasing demand, 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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