As of Monday November 20, SMM copper inventories across major Chinese markets stood at 55,300 mt, up 5,500 mt from last Friday and 66,400 mt lower than the same period last year. The arrivals of imported copper in East China has increased and the spot premiums are high, thus the downstream delivery-taking has slowed down, causing the inventory to increase; in South China, due to the increase in shipments last weekend, and as some downstream companies have reduced production due to high prices, inventories have also seen an increase.
Looking into this week, the inflow of imported copper may increase slightly, while arrivals of domestic copper may not change much.
