Post-National Day, Domestic Electrolytic Copper Demand Weakens Amid Surprise Inventory Build-up: SMM Analysis

Publicado: Oct 18, 2024 20:38

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[SMM Analysis] After the National Day holiday in October 2024, domestic electrolytic copper consumption shifted from robust to weak, with a bleak performance in the spot market accompanied by a rapid decline in premiums. Both domestic and foreign trade markets appear to have reverted to the situation in the first half of 2024. In terms of copper prices, the main contract of Shanghai Futures Exchange copper fell continuously from 80,000 yuan/ton to around 76,000 yuan/ton after the National Day holiday, which should have been favorable for consumption. However, from September 30 to October 18, both invisible and visible inventories in China accumulated, contradicting the expected trend. What are the reasons behind this resurgence of inventory accumulation? Will this trend continue? Below is a detailed analysis.

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