This week, mainstream copper inventories across the country saw a slight buildup [SMM weekly data]

SMM December 18 news:

Data snapshot: As of Thursday, December 18, SMM's national mainstream copper inventories edged up 0.79% WoW from Monday, but posted a significant YoY increase of 67,100 mt compared to the same period last year. Regional inventory performance showed notable divergence this week.

Specifically, Shanghai's copper cathode inventory rose WoW from Monday, primarily due to persistently weak end-use consumption; Jiangsu achieved destocking, mainly because arrivals decreased; Guangdong inventory also declined WoW, largely affected by reduced arrivals of domestic supply, while local consumption saw no substantial improvement.

Looking ahead, supply side, import arrivals remained at low levels, coupled with domestic supply arriving at a normal pace, overall market supply showed a contraction trend; demand side, approaching year-end, weak demand in end-use industries persisted, lacking clear short-term boost. Overall, the market is expected to show a pattern of "supply contraction, weak consumption" next week, with weekly inventory anticipated to destock.