SMM February 26:
Data Brief: As of Thursday, February 26, SMM's national mainstream copper inventories increased 4.56% WoW from Tuesday, with total inventory up 155,600 mt YoY.
By region, Shanghai's copper cathode inventory continued to build, supported by sustained arrivals of imported and domestic supplies; Jiangsu saw a slight inventory accumulation as downstream operations had not fully resumed; Guangdong's downstream enterprises only gradually resumed production today, leading to a slow recovery in consumption and driving a continued rise in warehouse inventories.
Looking ahead, supply side, imported materials continue to arrive at ports, while domestic supply arrivals remain stable; demand side, downstream enterprises are gradually resuming production, and consumption is expected to recover. Considering the overall supply-demand pattern, copper market supply is expected to remain normal next week, consumption is likely to steadily recover, and the pace of weekly inventory buildup is projected to slow down.
