Copper Inventory in Major Chinese Markets Fell over Weekend, to Grow This Week

As of Monday May 22, SMM copper inventory across major Chinese markets stood at 122,700 mt, down 800 mt from last Friday but up 12,900 mt from the same period last year.

The inventory in Shanghai added 1,900 mt to 71,600 mt, the inventory in Guangdong dropped 3,200 mt to 36,800 mt, while the inventory in Jiangsu increased 500 mt to 8,500 mt.

Spot premiums in east China were high last Friday, and shipments arrivals of both imported and domestic copper increased. This drove up inventories in Shanghai and Jiangsu.

In Guangdong, shipments arrivals decreased over the weekend while shipments leaving Guangdong increased, significantly reducing local inventories. Inventories in other regions have not changed much.

SMM understood that the customs clearance of imported copper will grow this week. Supply will increase.

On the demand side, copper prices are showing signs of rebounding, and demand is expected to drop compared with last week.

In aggregate, SMM expects supply to grow and demand to weaken this week. And inventory would grow slightly.

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