As of Thursday, February 1, the national mainstream areas of copper stocks increased by 10,300 tons to 102,300 tons compared with Monday. This marks an increase of 17,100 tons compared with last Friday, continuing the trend of weekly accumulation and showing signs of acceleration. Overall, compared with Monday's inventory changes, the inventory of all regions of the country has increased. However, the total inventory is 161,600 tons lower than the same period last year of 263,900 tons. Specifically, the Shanghai region is lower than the same period last year by 84,800 tons, the Guangdong region is lower by 30,800 tons, and the Jiangsu region is lower by 40,500 tons.
In detail, the Shanghai region's inventory increased by 0.66 million tons to 69,800 tons compared with Monday, and the Jiangsu region's inventory increased by 0.05 million tons to 0.81 million tons compared with Monday. The increase in stocks in East China is primarily due to downstream enterprises gradually entering the holiday state, leading to an increase in shipments to the warehouse by smelters. Similarly, stocks in Guangdong increased by 0.23 million tons to 17.1 million tons. The increase in arrivals in Guangdong has been accompanied by a decrease in outgoing stocks, reflected in the continuous decline in the average daily outgoing stocks in Guangdong, indicating an overall situation of oversupply.
Looking ahead to next week, which will be the last week before the holiday, most of the downstream enterprises are expected to enter the vacation state with little demand. As a result, smelters are anticipated to increase the amount of shipments to the warehouse. Therefore, it is expected that the weekly inventory will increase significantly next week.
For more information, please contact raezhang@smm.cn.
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