China copper social inventory rises WoW, regional performance mixed [SMM Weekly Data]

Published: Aug 20, 2026 14:03

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SMM August 20 News:

Data Brief: As of Thursday, August 20, SMM copper inventories in mainstream regions across China increased by 17,700 mt WoW to 134,400 mt, total inventories were up 2,700 mt compared to the same period last year's 131,700 mt.

Specifically, arrivals in Shanghai increased, the pullback in copper prices drove a slight recovery in demand, but overall the inventory buildup pattern persisted; arrivals in Jiangsu increased, inventory slightly accumulated; in Guangdong, after the contract rollover, arrivals contracted and warehouse withdrawals increased, inventory pulled back.

Looking ahead, on the supply side, China copper cathode arrivals increased in the short term, but imported cargo arrivals at ports pulled back, domestic supply pressure marginally eased. Demand side, copper prices continue to consolidate at highs, downstream mostly make just-in-time procurement. Currently, spot cargo flows are tending to become looser, and market trading sentiment is weak. Combining supply-demand fundamentals analysis, it is expected that China copper social inventory will slightly accumulate next week.

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.

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