Copper Inventory across Major Chinese Markets Plunged Over Weekend

SMM data shows that as of May 15, SMM copper inventory across major Chinese markets stood at 141,100 mt, down 10,900 mt from Friday May 12 and down 26,300 mt from two Mondays ago. The inventory is up 14,300 mt from the same period last year. Inventories fell across Shanghai, Jiangsu, Chongqing, and Chengdu over the weekend from last Friday. Inventories in Guangdong accumulated, while those in Tianjin dropped.

Inventories in Shanghai dropped 9,500 mt to 77,300 mt due to fewer shipments arrivals of domestic cargoes, buying on the dip as well as narrower price spread between copper cathode and copper scrap, boosting copper cathode consumption. Inventory in Guangdong increased slightly by 300 mt, as shipments from surrounding smelters increased due to delivery.

The amount of customs clearance for imported copper will grow if the import window reopens. The low copper prices will boost downstream purchasing sentiment. Inventories should fall further this week.

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