Copper Inventory in Major Chinese Markets Dip over Weekend

As of Monday September 11, SMM copper major Chinese markets stood at 95,100 mt, down 5,400 mt from last Friday but up 5,300 mt from the same period last year. Over the weekend, copper inventories in Shanghai decreased by 3,800 mt to 71,300 mt, copper inventories in Guangdong decreased by 2,800 mt to 9,500 mt, and copper inventories in Jiangsu increased by 1,000 mt to 6,000 mt. Copper inventories in Chengdu increased by 200 mt to 800 mt.

Shipments arrivals in Shanghai and Guangdong fell, while downstream stockpiling increased amid falling copper prices. . The main reason for the increase in inventory in Jiangsu and Chengdu is the increase in arrivals.

This week, as delivery approaches and premiums remain low, the volume of shipments from smelters to warehouses will increase. Downstream purchases will also be reduced. Therefore, there may be increased supply and reduced consumption. Inventories may still increase slightly.