Over the Weekend, Copper Inventories in Major Regions Across China Fell by 6,500 mt [SMM Weekly Data]

SMM March 17 News: As of Monday, March 17, SMM copper inventories in major regions across China decreased by 6,500 mt WoW to 349,000 mt, falling by 28,000 mt from the highest level this year. Additionally, current nationwide inventories are 46,400 mt lower YoY. 》Click to Apply for Access to the SMM Metal Industry Chain Database Specifically, inventories in Shanghai decreased by 4,000 mt WoW to 231,400 mt, as both imported and domestically produced copper arrivals were limited over the weekend. Inventories in Jiangsu increased by 2,600 mt WoW to 61,600 mt, mainly due to suppliers delivering goods to the region for settlement ahead of delivery. Guangdong inventories fell by 4,800 mt WoW to 48,800 mt, with limited arrivals remaining the primary reason for destocking. Additionally, recent consumption in Guangdong has shown a certain decline, as reflected in the daily average outflows from warehouses pulling back from highs. Looking ahead, domestic arrivals are expected to decrease again after delivery, while imported copper arrivals will likely remain limited. As a result, this week's supply is expected to decrease WoW. With copper prices continuing to rise, downstream consumption has also started to weaken. According to our survey, the weekly operating rate of copper cathode rod production this week was 72.24%, down by 2.9 percentage points WoW. Therefore, we anticipate a weak supply and demand situation this week, with inventories continuing to decline.