As of Monday September 4, SMM copper major Chinese markets stood at 96,700 mt, up 8,100 mt mt from last Friday and 21,600 mt higher from the same period last year.
In Shanghai, copper stocks increased by 6,200 mt to 70,200 mt; in Jiangsu, stocks increased by 100 mt to 5,000 mt; in Chongqing, stocks increased by 100 mt to 3,900 mt, and in Guangdong, stocks increased by 1,700 mt to 14,200 mt.
Inventory in Shanghai increased significantly over the weekend, mainly due to the significant increase in customs clearance of imported copper over the weekend. In addition, high copper prices also reduced downstream purchases. The main reason for the increase in inventory in Guangdong is that the arrivals of domestic copper increased and the consumption remained sluggish.
This week, we understand that the customs clearance volume of imported copper will be slightly higher than last week. The arrival volume of domestic copper is not expected to increase much, and the total supply will be higher than last week. Therefore, the inventory will grow this week.
