National copper social inventory continues to decline, while weak consumption in South China leads to an inventory increase [SMM weekly data]

Published: Oct 19, 2026 15:57 (GMT+8)

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SMM, October 19:

Data summary: As of Monday, October 19, SMM copper inventories across major Chinese regions fell 900 mt WoW to above 100,000 mt, down more than 70,000 mt from above 180,000 mt in the same period last year.

By region, east China maintained a normal shipment pace, with earlier arrivals gradually absorbed, making it the main driver of this week's destocking; south China saw inventories accumulate against the trend due to weaker consumption and increased arrivals.

Overall, on the supply side, imported arrivals edged up while domestic arrivals gradually contracted; on the demand side, downstream performance was sluggish with strong wait-and-see sentiment, and overall inventories saw some destocking. For complete regional inventory breakdowns, historical series, and detailed changes, please log in to the SMM data terminal.

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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