Copper Inventories in Guangdong Declined Last Week

As of Friday, total inventories in Guangdong stood at 54,300 mt, a decline of 7,600 mt from a week earlier.

Arriving shipments were 8,700 mt last week, a decrease of 4,000 mt compared to a week earlier, way below the weekly average of 19,000 mt for 2022. Due to the significant recovery of consumption in various regions driven by the sharp drop in copper prices, local smelters reduced shipments to Guangdong. In addition, urgent demand from downstream buyers caused direct shipments to surge. Therefore, the lower shipments from warehouses could not reflect the consumption. Shipments leaving the warehouses in Guangdong were 16,100 mt, down 2,400 mt from the previous week, far lower than the annual average level (19,500 mt per week).