Copper inventories in major regions across the country increased slightly by 900 mt during the week [SMM weekly data].
【SMM Weekly Copper Inventory Data in Major Regions】: As of Thursday, March 27, SMM's national mainstream copper inventory increased slightly by 900 mt to 334,500 mt compared to Monday, and decreased by 11,900 mt compared to the previous Thursday, achieving four consecutive weeks of destocking. Currently, it has fallen back from highs by 42,500 mt and is lower by 56,400 mt YoY.
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In detail, Shanghai's inventory decreased by 500 mt from Monday to 235,900 mt, while Jiangsu's inventory dropped by 1,100 mt to 57,800 mt. Although consumption in east China pulled back, arrivals decreased more significantly, with both imported and domestic copper arrivals reportedly reduced. Guangdong's inventory increased by 1,700 mt to 43,200 mt, as arrivals from the north surged this week, significantly higher than last week. High copper prices also suppressed downstream consumption, reflected in the continuous decline in daily average outflows from warehouses in Guangdong. The increase in inventory in south-west China was due to weak downstream consumption.
Looking ahead, it is reported that imported copper arrivals will remain low next week, and domestic copper increments will also be limited, keeping total supply at a low level. On the consumption side, downstream demand is expected to recover at the beginning of the month, but the focus should be on copper price trends. As long as copper prices do not rise sharply, consumption will improve; otherwise, it will remain weak. Therefore, we believe next week will see tight supply and a slight recovery in demand, with weekly inventories expected to continue declining.
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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