Copper Inventory in Major Chinese Markets Decreased 1,200 mt over Weekend

SHANGHAI, Aug 1 (SMM) - As of Monday August 1, SMM copper inventory across major Chinese markets decreased by 1,200 mt from last Friday to 69,400 mt. The total inventory dropped by 86,500 mt compared with the same period last year when the inventory was recorded at 155,900 mt. In detail, the inventory in Shanghai decreased by 7,100 mt to 48,900 mt, the inventory in Chengdu fell by 100 mt to 1,200 mt, the inventory in Guangdong increased by 4,900 mt to 11,900 mt, and the inventory in Chongqing added 1,100 mt to 2,500 mt.

At the weekend, in Shanghai, due to the less arrival of imported copper and active downstream restocking, the inventory declined significantly. In Guangdong, the inventory increased sharply as the goods arrived in smelters in a centralised way but the shipment flowing out of the warehouses in Guangdong remained low.

It is expected that the arrival of copper will increase as the smelters finish their maintenance. According to the SMM survey, with the rebound of copper prices, the downstream companies are active in restocking. The weekly inventory this week will drop slightly with the booming supply and demand.