Zambia’s Historic Copper Mine Restart Adds New Supply Variable

【SMM Copper Inventory Update】Social inventory of copper cathode in major regions across China declined for the seventh consecutive week. Arrivals of imported copper remained generally stable, while domestic supply continued to be tight with lower arrivals. Downstream rigid demand was steadily released, and combined with concentrated stockpiling ahead of the Labour Day holiday that boosted demand and marginal recovery in consumption, the pace of warehouse withdrawals remained stable, further driving the continued downward trend in nationwide copper inventories.