Copper inventories in major regions across the country increased by 7,300 mt during the week [SMM Weekly Data].

Published: Feb 20, 2025 12:50

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[SMM Weekly Data on Copper Inventories in Major Regions]: As of Thursday, February 20, copper inventories in major regions across China tracked by SMM increased by 7,300 mt from Monday to 357,600 mt, up by 31,400 mt WoW and by 191,800 mt compared to pre-Chinese New Year levels. The inventory buildup in the first two weeks after the holiday exceeded YoY levels by 54,400 mt, marking the highest inventory buildup in the past seven years.

SMM February 20 News: As of Thursday, February 20, SMM copper inventories in major regions across China increased by 7,300 mt from Monday to 357,600 mt, up by 31,400 mt WoW, and up by 191,800 mt compared to pre-Chinese New Year levels. The inventory buildup in the first two weeks after the holiday exceeded the same period last year by 54,400 mt, marking the largest inventory buildup in the past seven years.

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Specifically, inventories in Shanghai increased by 5,700 mt from Monday to 212,100 mt, while inventories in Jiangsu rose by 5,000 mt to 64,000 mt. The increase in domestic copper arrivals was the main reason, with concentrated arrivals of delivery goods at the beginning of the week being a key factor. According to statistics, the current warehouse warrant volume in Shanghai stands at 72,900 mt, up by 19,200 mt from last Friday. Inventories in Guangdong remained flat compared to Monday. Although consumption in Guangdong has recently declined, as reflected in the decrease in the region's daily average outflows from warehouses, the reduction in arrivals has kept the total inventory change relatively small.

Looking ahead, domestic copper arrivals are expected to decrease next week due to the absence of delivery impacts, while imported copper arrivals are also likely to decline due to an unfavorable SHFE/LME price ratio. On the downstream consumption side, with month-end approaching and copper prices still relatively high, consumption next week is expected to decrease compared to this week. Therefore, we anticipate a weak supply and demand scenario next week, with weekly inventories likely 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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