Copper inventories in major regions across China slightly increased by 900 mt over the weekend [SMM Weekly Data]

Published: Mar 3, 2025 11:40

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, March 3, SMM copper inventories in major regions across China slightly increased by 900 mt to 377,000 mt compared to last Thursday. Total inventories rose by 211,200 mt from the pre-holiday level of 165,800 mt, with Shanghai up by 139,200 mt, Guangdong up by 43,900 mt, and Jiangsu up by 30,900 mt.

As of Monday, March 3, SMM copper inventories in major regions across China slightly increased by 900 mt WoW to 377,000 mt. Total inventories rose by 211,200 mt compared to the pre-holiday level of 165,800 mt, with Shanghai up by 139,200 mt, Guangdong up by 43,900 mt, and Jiangsu up by 30,900 mt.

Specifically, inventories in Shanghai decreased by 1,600 mt WoW to 243,600 mt, mainly due to reduced arrivals of both domestic and imported copper. Jiangsu inventories increased by 500 mt WoW, while Guangdong inventories rose by 1,700 mt to 69,400 mt. The increase in arrivals and weakened consumption over the weekend, coupled with reduced procurement volumes from downstream enterprises at month-end, contributed to these changes. This is also reflected in the decline in Guangdong's daily outflows from warehouses.

Looking ahead, due to increased exports and reduced imports, total supply this week is expected to decrease compared to last week. At the beginning of the month, demand from downstream enterprises is expected to rise. According to our survey, the weekly operating rate of copper cathode rod production this week is 74.43%, up by 0.77 percentage points WoW and 3.11 percentage points YoY. Therefore, we anticipate a scenario of reduced supply and increased demand this week, potentially leading to a decline in inventories and signaling a possible turning point in inventory levels.

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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