National mainstream copper inventories have accumulated for six consecutive weeks [SMM weekly data]

SMM January 8 News:

Data Brief: As of Thursday, January 8, SMM's national mainstream copper inventories increased 6.29% WoW, marking the sixth consecutive week of inventory buildup. Total inventory grew by 168,100 mt YoY.

By region, Shanghai's copper cathode inventory showed significant buildup, primarily driven by continuous arrivals of domestic material from the north, coupled with weak end-use consumption. Jiangsu's inventory trend aligned with Shanghai, also rising due to increased arrivals of domestic material and persistently sluggish downstream consumption. Guangdong's inventory increased WoW, but the pace of buildup slowed compared to previous periods, with increased material arrivals being the main support for inventory growth.

Looking ahead, on the supply side, arrivals of imported copper remained low, but stable domestic material arrivals supported an overall loose supply landscape. On the demand side, influenced by a noticeable correction in copper prices, cautious sentiment in the downstream market intensified, leading to weak purchase willingness. Considering both supply and demand, the market is expected to maintain a "loose supply, cautious consumption" pattern next week, with weekly inventories continuing to accumulate.