During the Chinese New Year, copper inventories in major regions across the country increased by 1.073 million mt [SMM weekly data].

Published: Feb 6, 2025 12:21

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, February 6, SMM copper inventories in major regions across China increased by 107,300 mt compared to pre-holiday levels, reaching 273,100 mt. Total inventories were 12,600 mt lower than the 285,700 mt recorded after last year's holiday. Among them, inventories in Shanghai were 24,600 mt lower year-on-year, while those in Guangdong and Jiangsu were higher by 9,600 mt and 7,500 mt, respectively.

SMM, February 6: As of Monday, February 6, copper inventories in major regions across China tracked by SMM increased by 107,300 mt compared to pre-holiday levels, reaching 273,100 mt. Total inventories were 12,600 mt lower than the 285,700 mt recorded after the holiday last year. Among them, inventories in Shanghai were 24,600 mt lower year-on-year, while Guangdong and Jiangsu regions saw increases of 9,600 mt and 7,500 mt, respectively.

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Specifically, the inventory buildup in Shanghai during the Chinese New Year was relatively small, mainly due to reduced shipments from nearby smelters. Some smelters reduced shipments in preparation for upcoming production cuts, while others stockpiled goods for export. In contrast, inventory buildup in Jiangsu and Guangdong was significant, as downstream enterprises had not yet resumed normal production. This was also reflected in the continued decline in Guangdong's daily outflows from warehouses. Smelters were forced to send goods to warehouses for delivery purposes.

Looking ahead, smelter production in February is expected to remain high, and under the backdrop of significant discounts, smelters are likely to continue transferring goods to delivery warehouses. Warehouse arrivals are also expected to remain substantial next week. On the demand side, some manufacturers will not fully resume normal production until after the Lantern Festival. Therefore, we anticipate an oversupply situation next week, with weekly inventories expected to continue increasing.

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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