Copper Cathode Social Inventory Sees Significant Drawdown, All Regions Simultaneously Digest Spot Copper [SMM Weekly Data]

Published: Aug 24, 2026 14:40

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SMM August 24 News:

Data Brief: As of Monday, August 24, SMM China mainstream regions copper inventories decreased by 19,700 mt WoW to 114,200 mt, total inventories compared to the same period last year of 123,000 mt decreased by 8,800 mt, with destocking observed across all regions.

Specifically, in Shanghai and Jiangsu, driven by the earlier pullback in copper prices, previously suppressed downstream demand was released, leading to a significant reduction in inventory; in Guangdong, downstream consumption gradually recovered, coupled with shrinking cargo arrivals, inventories continued to decline.

Market outlook, supply side short-term domestic and imported copper cathode arrivals both are expected to pull back slightly. Demand side, after the previously pent-up release demand is digested, copper prices consolidate at highs, downstream consumption again shows a weak pattern. The survey shows that this week's copper cathode rod operating rate is expected to increase to 59.96%, down 1.24 percentage points WoW. Overall, China spot supply is marginally tight, but end-user purchasing power is insufficient, and it is expected that this week's China social inventory of copper cathode will build up slightly.

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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