China's Mainstream Regions Copper Inventories Continued Destocking Before Labour Day Holiday [SMM Weekly Data]

SMM April 30:

Data brief: As of Thursday, April 30, SMM copper inventories across major regions nationwide decreased by 5,600 mt WoW to 243,000 mt, with total inventory up 113,400 mt compared to the same period last year (129,600 mt).

Specifically, imported copper arrivals in Shanghai pulled back while domestic supply arrivals remained stable, with overall inventory continuing to destock; arrivals in Jiangsu were generally low, and coupled with pre-holiday rigid demand restocking support, inventory continued to decline; in Guangdong, domestic supply arrivals gradually returned to normal, but downstream processing enterprises had longer holidays and weaker stockpiling willingness, resulting in limited overall regional inventory fluctuations.

Looking ahead, supply side, imported copper arrivals are expected to decrease, while domestic copper arrivals are expected to rebound overall; demand side, as the Labour Day holiday approaches, downstream enterprises have largely completed stockpiling, and spot cargo demand remains subdued. The market currently shows a pattern of tight supply with consumption supported only by rigid demand, and social inventory is expected to continue a modest destocking trend next week.