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

Published: Mar 17, 2025 12:30

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[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, March 17, SMM copper inventories in major regions across China decreased by 6,500 mt from last Thursday to 349,000 mt, down by 28,000 mt from the highest level this year. In addition, the current nationwide inventory is 46,400 mt lower YoY.

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.

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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.

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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