SHANGHAI, Nov 22 (SMM) – As of Monday November 22, the copper inventory across major Chinese markets decreased 300 mt from a week earlier to 76,500 mt, the lowest for the year, according to SMM data.
The inventory increase over the weekend was mainly in Shanghai and Jiangsu. And the inventory decline was seen in Guangdong and Tianjin. The inventory in other regions unchanged little. As the premiums in east China far exceeded other regions of China, the copper cathode was shipped to east China. This was the key driver of the inventory growth in Jiangsu and Shanghai. The local copper cathode in Tianjin and Guangdong was shipped to east China, driving the inventory decline.
The inventories in Guangdong plunged 4,900 mt to 6,500 mt, and inventories in Tianjin dipped 500 mt to 2,500 mt. The inventories in Jiangsu added 1,000 mt to 11,400 mt, and the inventories in Shanghai increased by 1,100 mt to 53,700 mt. The inventories in other regions changed little.
The difference between local premiums will gradually return to the normal level this week, and the volume of cargo transfers will be significantly reduced. In addition, the invoice issue for imported copper has reportedly eased, and the import volume is unlikely to fall sharply in the short term. Meanwhile, the downstream producers ramped up output cuts amid the high premiums. As such, the inventory is expected to grow slightly by Friday.
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