Copper Inventories in Major Regions Dropped by 12,800 mt Over the Weekend [SMM Weekly Data]

Published: Mar 24, 2025 14:50

Save

[SMM Mainstream Region Copper Inventory Weekly Data] As of Monday, March 24, SMM national mainstream region copper inventories decreased by 12,800 mt to 333,600 mt WoW, a decline of 15,400 mt compared to the previous Monday. The destocking trend continued over the weekend, with all regions experiencing varying degrees of destocking, and the inventory was 53,700 mt lower than the same period last year.

SMM Mar 24 News: As of Monday, March 24, SMM's national mainstream copper inventories decreased by 12,800 mt to 333,600 mt compared to the previous Thursday, and dropped by 15,400 mt from the previous Monday. The destocking trend continued over the weekend, with all regions experiencing varying degrees of inventory reduction, 53,700 mt lower than the same period last year. Specifically, Shanghai's inventory fell by 9,000 mt to 226,900 mt from the previous Thursday. After copper prices pulled back on Friday, downstream purchase willingness significantly increased, and with fewer arrivals, the overall inventory decline was noticeable. In Guangdong, there was a slight destocking compared to the previous Thursday, but due to higher premiums in the region, a clear price spread emerged with other areas, leading to some supplies from Jiangxi and Hunan flowing into the Guangdong market, increasing its inbound volume. In Jiangsu, some warrants were released, resulting in a small inventory reduction, and pickup volume increased over the weekend. Overall, under a tight supply backdrop, a pullback in copper prices will provide restocking opportunities for downstream players. Looking ahead to this week, Shanghai is expected to maintain its destocking trend, and attention should be paid to the sustainability of the Shanghai-Guangdong price spread; Guangdong may see an increase in inventory due to southbound shipments, leading to a small inventory buildup. With copper prices stabilizing above 80,000 yuan/mt, demand is unlikely to see a significant increase, and under weak supply and demand, the inventory decline in east China will be greater than in south China.

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.

For any inquiries or for more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

1 hour ago

China's Copper Cathode Imports by Trade Mode in August 2026

[Copper Cathode Customs Data] According to data from the General Administration of Customs, China imported 113,800 mt of copper cathode via Ordinary Trade in August 2026, 51,800 mt via Entrepot Trade by Customs Special Control Area, 22,600 mt via processing trade with imported materials, 16,100 mt via processing trade with supplied materials, 3,000 mt via Entry and Exit Goods in Bonded Control Areas, and 200 mt via Border Trade.

1 hour ago

3 hours ago

China's Copper Clad Laminate Customs Data in August 2026

[Copper Clad Laminate Customs Data] According to data from the General Administration of Customs, in August 2026, China's copper clad laminate (HS code: 74102110) imports were 3,448.31 mt, up 0.91% YoY and down 15.72% MoM; cumulative imports from January to August 2026 were 28,055.99 mt, up 6.11% YoY. In August 2026, China's copper clad laminate exports were 9,204.78 mt, up 9.88% YoY and up 3.36% MoM; cumulative exports from January to August 2026 were 67,195.43 mt, up 12.20% YoY.

3 hours ago

China Copper Anode Imports by Country for August

[Copper Anode Import Data] According to data from the General Administration of Customs, in August 2026, China imported 23,500 mt of copper anode from Zambia, accounting for 36.45% of total imports, down 17.56% MoM and down 17.28% YoY. Imports from the DRC totaled 14,900 mt, accounting for 23.13% of total imports, down 24.40% MoM and up 134.48% YoY. Imports from Malaysia totaled 5,400 mt, accounting for 8.38% of total imports, up 110.25% MoM and up 2,441.61% YoY.

3 hours ago