China Copper Social Inventory Destocked for Four Consecutive Weeks, Smelting Maintenance Led to Tight Supply [SMM Weekly Data]

Published: Apr 9, 2026 14:32

Save

SMM April 9 News:

Data Brief: As of Thursday, April 9, SMM copper inventories across major regions nationwide decreased 13.06% WoW from last Thursday. Total inventories increased 52,200 mt YoY, and have been destocking for four consecutive weeks.

By region, Shanghai saw continued inventory pullback driven by smelters gradually entering maintenance cycles, tightening arrivals, and downstream maintaining normal cargo pick-up pace. Jiangsu saw steady downstream consumption and steady destocking. Guangdong, although consumption has weakened recently, limited arrivals remained the primary driver of inventory decline.

Outlook: Supply side, imported copper is arriving at ports successively, while domestic copper arrivals remain low due to smelting maintenance. Demand side, downstream enterprises are mainly making just-in-time procurement, restocking as needed in line with production pace. Based on the overall supply-demand pattern, China's copper cathode supply is expected to remain tight in the short term, with consumption generally stabilizing. Social inventory is expected to continue destocking next week.

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.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

19 hours ago

Venezuela Passes Mining Bill to Attract Foreign and Private Investment, Easing US Restrictions

Venezuela's ruling party-controlled National Assembly on Thursday approved a mining bill expected to open the sector to private and overseas investment, after the US eased restrictions on the country to stimulate external capital investment in its struggling economy.The bill repealed the 1999 and 2015 mining regulations, allowing domestic, overseas, and state-owned and private companies or consortia to mine gold and "strategic minerals." The maximum term for concessions is 30 years, but can be extended by up to two 10-year periods.Under the bill, mineral resources remain state property, disputes can be resolved through arbitration, and a royalty tax of 13% of the total value of minerals is levie.

19 hours ago

Copper Transforms from Weak to Top-Performing Metal, Driven by Supply Concerns and Economic Outlook

Nguyen Thu Lan at Commerzbank noted that copper, once among the weakest-performing metals under pressure from rising London Metal Exchange (LME) inventories and mixed supply side news, has now transformed into one of the best-performing metals.Potential inventory sell-offs and the restart of the Panama mine could suppress price gains in the short term, but the sharp decline in Chilean production suggests that once concerns about economic growth ease, supply worries could dominate, supporting copper prices higher over the longer term.Nguyen said: "Copper is one of the best-performing metals. On the one hand, this can be attributed to copper being viewed as a highly cyclical metal.

19 hours ago

Argentina Passes Mining Bill in Glacier Regions, Sparking Environmental Concerns and Water Security Fears

Argentine lawmakers passed a government-backed reform bill aimed at promoting mining investment in glacier regions. Environmentalists and scientists said the move would weaken related protections and threaten water security.The lower house passed the reform bill with 137 votes in favor, 111 against, and 3 abstentions. The bill took effect immediately upon publication in the official gazette.The reform, driven by the libertarian government of Javier Milei, sparked controversy for allowing provinces to set their own protection standards for glaciers and periglacial areas. Critics said the shift could weaken protections for high-altitude glacial landscapes that serve as vital freshwater reserves.

19 hours ago