SHANGHAI, Jan 10 (SMM) – As of Monday January 10, the copper inventory across major Chinese markets increased 2,700 mt from last Friday to 86,400 mt. The inventories fell slightly across Chongqing, Chengdu and Tianjin, while the inventories in Shanghai, Guangdong and Jiangsu increased slightly.
Stocks in Shanghai and Guangdong increased due to the increase in the shipments arrivals of imported copper. In Tianjin, the arriving shipments declined due to the impact of the COVID.
Specifically, the inventory in Shanghai increased by 2,900 mt to 61,800 mt, and the inventory in Guangdong added 700 mt to 11,700 mt. The inventory in Jiangsu added 600 mt to 9,100 mt. Inventories in Chongqing decreased by 1,100 mt to 600 mt, inventories in Chengdu decreased by 100 mt to 1,000 mt, and inventories in Tianjin decreased by 300 mt to 1,700 mt.
SMM expects the customs clearance of imported copper will increase slightly this week, and the arriving shipments of domestic copper will stabilise. The consumption can hardly improve significantly. It is expected that there will be an accumulation of stocks this week.
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