Copper Inventory across Major Chinese Markets Decreased by 11,500 mt over Weekend

SHANGHAI, Jul 25 (SMM) - As of Monday July 25, SMM copper inventory across major Chinese markets decreased by 11,500 mt from last Friday to 83,000 mt. The total inventory fell by 73,300 mt compared with the same period last year when the inventory was recorded at 156,300 mt. In detail, the inventory in Shanghai decreased by 7,800 mt to 65,500 mt, the inventory in Jiangsu fell by 500 mt to 4,800 mt, the inventory in Guangdong dipped 3,300 mt to 9,000 mt, the inventory in Zhejiang and Tianjian dropped each by 100 mt, while the inventory in Chongqing and Chengdu rose by 200 mt and 300 mt respectively to 1,400 mt and 1,300 mt.

At the weekend, due to the sharp drop in imported copper and increase in shipments flowing out of the warehouses, the inventory in Shanghai declined significantly. In Guangdong, due to the decrease in imported copper and the maintenance of a smelter in Guangxi, the inventory fell to below 10,000 mt, creating a record low.

This week, the quantity of imported copper is small, while smelters will increase their shipments at the end of the month, but the overall supply may still decrease slightly. The market shall pay attention to the recovery of consumption. Near the end of July, downstream consumption is expected to decrease WoW. Therefore, SMM believes that the inventory this week will fall further.