Copper inventories in major regions across China decreased by 4,500 mt during the week [SMM Weekly Data]

Published: Mar 13, 2025 12:45

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Thursday, March 13, copper inventories in major regions across China tracked by SMM fell by 4,500 mt WoW to 355,500 mt, down by 12,500 mt compared to last Thursday, marking two consecutive weeks of weekly destocking. Currently, inventories have pulled back by 20,600 mt from the yearly high and are 33,600 mt lower YoY.

SMM March 13 News: As of Thursday, March 13, SMM copper inventories in major regions across China decreased by 4,500 mt from Monday to 355,500 mt, down by 12,500 mt WoW, marking two consecutive weeks of weekly destocking. Currently, inventories have fallen back from highs earlier this year by 20,600 mt and are 33,600 mt lower YoY.

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Specifically, inventories in Shanghai slightly increased by 500 mt from Monday to 235,400 mt, while inventories in Jiangsu rose by 1,200 mt to 59,000 mt. The main reason for the inventory increase in these regions was the weakening downstream consumption due to rising copper prices, though the limited arrivals of imported copper capped the growth. In Guangdong, inventories fell by 600 mt to 53,600 mt, as arrivals were extremely scarce (due to export activities by nearby smelters, increased direct shipments from smelters, and reduced shipments from other provinces to Guangdong as local consumption increased), while consumption remained moderate. This is also reflected in the high daily average outflows from warehouses in Guangdong.

Looking ahead, with the export window opening, future imports are expected to remain low while exports are likely to increase, suggesting that supply next week will still be limited. On the downstream consumption side, as copper prices continue to rise, some downstream orders have already started to decline, and consumption is expected to decrease next week. Therefore, we anticipate a weak supply and demand scenario next week, with weekly inventories continuing to decline, though the decrease may be smaller than last week.

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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