Copper inventories in major regions across China decreased by 1,000 mt during the week [SMM weekly data]

SMM News on May 29:

       As of Thursday, May 29, SMM's copper inventories in major regions across China decreased by 1,000 mt WoW from Monday to 138,700 mt, continuing to show destocking. Major consuming regions, including Shanghai, Guangdong, and Jiangsu, all experienced destocking, with Shanghai seeing the largest reduction of 1,100 mt.

       Specifically, there was still a continuous supply of imported copper in Shanghai this week, mostly from LME Asian regions where cargoes were previously canceled and then shipped to China. Copper prices stabilized this week, and spot premiums for SHFE copper fell. Although the sentiment for stockpiling ahead of the Dragon Boat Festival among downstream consumers was not strong, normal cargo pick-up continued, leading to a slight decrease in inventories in Shanghai. Inventories in Guangdong and Jiangsu only decreased slightly, with outflows from warehouses improving WoW.

       Looking ahead to next week, imports are expected to continue arriving in the near term. During the Dragon Boat Festival holiday, a slight inventory buildup is anticipated in major consuming regions, with Jiangsu mainly supplied by smelters.

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