Over the Weekend, Copper Inventories in Major Regions Across China Fell by 8,000 mt [SMM Weekly Data]

Published: Mar 10, 2025 11:25

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, March 10, SMM copper inventories in major regions across China decreased by 8,000 mt compared to last Thursday, reaching 360,000 mt. Total inventories increased by 194,200 mt compared to the pre-holiday level of 165,800 mt, with Shanghai up by 130,500 mt, Guangdong up by 34,100 mt, and Jiangsu up by 32,900 mt. Additionally, it is noteworthy that current domestic copper inventories are already lower than the same period last year, indicating that the inventory turning point has emerged.

As of Monday, March 10, copper inventories in major regions across China tracked by SMM decreased by 8,000 mt WoW to 360,000 mt. Total inventories increased by 194,200 mt compared to the pre-holiday level of 165,800 mt, with Shanghai up by 130,500 mt, Guangdong up by 34,100 mt, and Jiangsu up by 32,900 mt. Notably, current domestic copper inventories are already below the levels of the same period last year, indicating a turning point in inventory trends.

Specifically, inventories in Shanghai decreased by 1,000 mt WoW to 234,900 mt, while Jiangsu inventories fell by 600 mt WoW to 57,800 mt. Inventories in east China saw a slight decline, mainly due to reduced arrivals of both imported and domestic copper, coupled with moderate consumption. Guangdong inventories dropped by 6,400 mt to 59,600 mt, as arrivals in the region significantly decreased and consumption improved, which is also reflected in the rebound of Guangdong's daily average outflows from warehouses.

Looking ahead, the opening of the export window is expected to boost exports and reduce imports, leading to a likely decrease in total supply this week compared to last week. With the arrival of the peak production season, downstream consumption is gradually improving. According to our survey, the weekly operating rate of copper cathode rods this week reached 76.50%, up by 3.38 percentage points WoW and 5.18 percentage points YoY. Therefore, we anticipate a scenario of reduced supply and increased demand this week, with inventories continuing to decline.

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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