Total National Copper Inventories Edged Up MoM, with Destocking Observed in Regions Outside Shanghai [SMM Weekly Data]

Published: Jan 22, 2026 13:57

Save

SMM January 22:

Data Review: As of Thursday, January 22, SMM's national mainstream copper inventories increased 2.9% WoW, with total inventory up 203,000 mt YoY. All regions except Shanghai saw destocking.

Specifically, Shanghai's copper cathode inventory continued its buildup; despite some recovery in consumption, the overall increase in arrivals was more significant. Jiangsu's inventory decreased, primarily due to weather-related logistics disruptions affecting arrivals, coupled with improved consumption. Guangdong's inventory also saw a slight reduction, mainly benefiting from a drop in arrivals and a marginal recovery in consumption.

Looking ahead, supply side, improved import arrivals combined with steady domestic supply are expected to stabilize overall supply. Demand side, with copper prices stabilizing, rigid demand is being released, supported by stockpiling for the Chinese New Year, showing signs of marginal improvement. Overall, the market is expected to show a pattern of "supply contraction and consumption improvement" next week, with weekly inventories likely to see destocking.

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 to learn 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

14 hours ago

Jiangxi Launches First Virtual Power Plant Pilots for Enhanced Energy Management

According to Polar Power Grid, to accelerate the development of virtual power plants and leverage their positive role in supply assurance, operational regulation, and new energy integration, the first batch of virtual power plant pilot applications will be organized across Jiangxi Province, in accordance with documents such as the "Jiangxi Province Work Plan for Promoting High-Quality Development of Virtual Power Plants" and the "Jiangxi Province Guidelines for Virtual Power Plant Construction and Operation."

14 hours ago

China's 15th Five-Year Plan Aims to Tackle High-Quality Development Barriers and Enhance Energy Markets

According to Electric Union New Media, the proposal for the outline of the 15th Five-Year Plan, reviewed and adopted at the Fourth Plenary Session of the 20th Central Committee of the Communist Party of China, explicitly states the need to "focus on institutional and mechanism obstacles hindering high-quality development" and "accelerate the improvement of markets and pricing mechanisms adapted to the new-type energy system."

14 hours ago

[SMM Analysis] Reshaping Cu Cons Trade Flows: China's New Raw Material Strategy Landscape Amid Geopolitical Chessboard

[SMM Analysis: Reshaping Cu Cons Trade Flows: China's New Raw Material Strategy Landscape Amid Geopolitical Chessboard] According to data from the General Administration of Customs, China imported 2.704 million dmt of copper ore and concentrates in December 2025, a month-on-month increase of 7% and a year-on-year increase of 7.2%. From January to December, China’s cumulative imports of copper ore and concentrates reached 30.365 million dmt, a cumulative year-on-year increase of 7.8%.

14 hours ago