China copper inventory shrank for the 12th week but stocks in Shanghai rallied 

SHANGHAI, Jun 5 (SMM) – Copper inventories in three major consumption areas in China extended their slide this week, falling for the 12th consecutive week as of June 5, but the overall decline narrowed from a week ago and stocks in Shanghai rebounded amid slower consumption. 

SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, decreased 2,800 mt from a week ago to 202,200 mt as of Friday June 5. The stocks dipped 32,500 mt in the previous week.

Guangdong and Jiangsu accounted for the overall decline this week, falling 200 mt and 4,600 mt, respectively, week on week to 22,200 mt and 23,000 mt. 

Inventories in Shanghai added 2,000 mt from a week ago to 157,000 mt as of June 5, following a drop of 27,000 mt in the previous week.