Copper Inventories across Major Chinese Markets Increased over Weekend

As of Monday August 7, SMM copper major Chinese markets stood at 93,300 mt, up 4,000 mt from last Friday and 20,500 mt higher from the same period last year. Inventories in Shanghai increased by 2,200 mt to 57,400 mt, inventories in Guangdong increased by 2,100 mt to 26,700 mt; inventories in Jiangsu decreased by 100 mt to 2,700 mt, and inventories in Tianjin decreased by 200 mt to 2,800 mt.

The main reason for the increase in inventory in Shanghai is the increase in the arrivals of imported copper. The main reason for the increase in inventory in Guangdong is that the arrivals of domestic copper has increased significantly. The decrease in inventory in Tianjin is because the local logistics has been affected to some extent due to the impact of the flood, and the arrivals decreased slightly.

This week, imported copper will continue to arrive, and the total arrivals this week will increase compared with last week.