SHANGHAI, Dec 27 (SMM) – As of Monday December 27, the copper inventory across major Chinese markets increased by 2,900 mt from last Friday to 86,000 mt, the fourth straight week of growth.
The inventory increased across the major markets over the weekend, driven mainly by Shanghai, Tianjin, Guangdong, Chongqing and Chengdu.
The inventories in other regions did not change. The upstream smelters are under pressure to liquidate inventory and actively ship cargoes at the year-end, while downstream buyers with cash flow issues refrain from purchasing. The supply has exceeded the demand.
The inventories in Shanghai added 2,100 mt to 62,300 mt, and the inventories in Tianjin grew 500 mt to 2,500. The inventories in Guangdong, Chongqing and Chengdu increased 100 mt to 9,000 mt, 1,200 mt and 1,000 mt respectively.
SMM expects that the oversupply situation will remain this week. In addition, many downstream buyers said that their orders are poor and they will not need to restock cargoes. The inventories are expected to grow this week.
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