SHANGHAI, Feb 27 (SMM) – As of Monday February 27, copper inventories in China’s mainstream markets tracked by SMM were flat at 325,400 mt compared with last Friday. The current total inventory increased by 128,800 mt compared with 196,600 mt before the Chinese New Year holidays. Over the weekend, inventories grew in Guangdong, while those in Shanghai, Jiangsu, Chongqing and Jiangxi declined. Inventories in other regions changed little. Inventory in Guangdong added 3,900 mt to 69,500 mt, while inventories in Shanghai decreased by 800 mt to 188,200 mt. Those Jiangsu fell 2,000 mt to 42,600 mt, and those in Chongqing decreased by 1,000 mt to 10,000 mt.
The reason for the inventory decline in east China over the weekend was increased downstream stockpiling driven by sharp drop in copper prices as well as limited shipments arrivals. In Guangdong, downstream consumption recovered slightly and several copper rod plants have not resumed production. This can also be reflected in the slight increase in the average daily shipments from Guangdong. The arriving shipments of seaborne copper over the weekend also drove inventory in Guangdong higher.
SMM maintains the viewpoint that arriving shipments of imported copper will increase slightly this week. But most market supply will be domestic copper. Consumption this week will outperform last week on the back of lower copper prices and adequate cash flows in March. To sum up, SMM expect supply and demand to increase this week. And inventory would fall marginally.
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