SHANGHAI, Jan 21 (SMM) - As of Friday, January 21, the copper inventories in major domestic markets decreased 3,500 mt from Monday to 89,000 mt, but added 2,400 mt from a week earlier to 86,600 mt, growing for the second straight week. Compared with Monday, only the inventory in Tianjin increased significantly, while the inventory fell across Shanghai and Jiangsu. The inventory in other areas changed little.
Specifically, the inventory in Shanghai decreased by 3,700 mt to 63,900 mt, the inventory in Jiangsu dipped 2,000 mt to 7,300 mt, and the inventory in Tianjin grew 2,100 mt to 2,500 mt.
The increased shipments arrivals in Tianjin after the COVID situation improved drove the inventory growth. In east China, the limited customs clearance for imported copper, combined with the stockpiling by downstream producers ahead of CNY holidays, lowered the inventories in Shanghai and Jiangsu significantly.
As the CNY holidays near, more downstream buyers will be closed next week, and the consumption will further weaken. The inventory is expected to accumulate.
