As of Saturday, October 7, SMM copper inventories in mainstream areas of China increased by 20,500 mt from September 28 to 93,600 mt, 10,900 mt higher than the 82,700 mt in the same period last year. During the National Day, copper stocks in various regions across China increased, specifically: Shanghai’s inventory up 4,100 mt to 61,400 mt; Guangdong’s up 8,300 mt to 13,100 mt; Jiangsu’s up 4,300 mt to 8,700 mt; Chongqing’s increased by 1,600 mt to 5,400 mt; and inventories in Tianjin increased by 2,000 mt to 4,000 mt.
Due to ports’ suspension during the National Day, the inventory accumulation in the Shanghai area is small; although Jiangsu’s inventory added, the inventory accumulation is not large since the short holidays of downstream processing companies lead to decent cargo pick-up. However, due to weak downstream consumption and many companies having long holidays, inventories in Guangdong saw a skyrocketing increase.
Looking forward to this week, the delivery date will soon come. It is expected that domestic smelters will increase the volume sent to warehouses. In addition, imported copper that was stranded during the National holiday will also arrive this week, so the total supply will rise significantly. In terms of consumption, the growth is estimated to be limited. Therefore, an oversupply situation will occur, and weekly inventories are expected to continue to rise.
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