As of Monday, July 17, copper stocks in mainstream SMM regions across the country increased by 8,400 mt to 125,400 mt from last Friday. Copper inventories grew across Guangdong, Jiangsu, and Tianjin, up by 1,500 mt, 3,200 mt, 2,700 mt, and 1,000 mt respectively, while the stocks in other regions remained unchanged.
Copper prices have stabilized at a high level. This combined with the delivery of the SHFE July copper contract, dampened spot consumption. Low shipments leaving warehouses and increasing arriving shipments from delivered cargoes accounted for the inventory grow in Shanghai, Guangdong, and Jiangsu.
During the week, as the delivery cycle of the Shanghai Copper 2307 contract has not yet ended, the supply of spot circulation is relatively tight. However, the current stockpiling situation is difficult to give spot traders confidence.
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