Copper Inventory in Major Chinese Markets Fell 800 mt during Tomb-sweeping Day

SHANGHAI, Apr 6 (SMM) - As of April 6, the copper inventory across major Chinese markets dropped 800 mt from last Friday April 1 to 136,900 mt. Inventory fell on Mondays for five consecutive weeks, and the destocking during the Qingming holiday slowed down. The main reasons are as follows. First, due to the pandemic, the efficiency of picking up goods is very slow, but the shipment by trains is relatively normal. Second, during the Qingming Festival, the consumption in south China did not improve much, and many copper rod factories were on holiday, which increased the local inventory. During the Qingming Festival, the inventory changes were not large. In detail, the inventories in Shanghai and Jiangsu remained unchanged, the inventories in Guangdong increased 100 mt to 44,700 mt, the inventory in Chongqing fell 800 mt to 1,200 mt, and the inventory in Tianjin dipped 200 mt to 2,400 mt. Looking forward to this week, due to the pandemic, the arrival of goods in various places is relatively normal, but the delivery is abnormal. It is expected that the inventory will increase slightly this week.

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