Copper inventories in major regions across China increased by 7,700 mt over the weekend [SMM Weekly Data]

Dec 30, 2024, at 3:06 pm

[SMM Weekly Data on Copper Inventories in Major Regions] As of Monday, December 30, copper inventories in major regions across China tracked by SMM increased by 7,700 mt from last Thursday to 113,100 mt. Total inventories were 41,500 mt higher YoY (71,600 mt), with Shanghai up by 26,600 mt YoY, Guangdong down by 4,200 mt YoY, and Jiangsu up by 18,500 mt YoY.

As of Monday, December 30, SMM copper inventories in major regions across China increased by 7,700 mt WoW to 113,100 mt. Total inventory was 41,500 mt higher YoY compared to 71,600 mt in the same period last year. Among them, Shanghai's inventory was 26,600 mt higher YoY, Guangdong's inventory was 4,200 mt lower YoY, and Jiangsu's inventory was 18,500 mt higher YoY. Specifically, Shanghai's inventory decreased by 2,100 mt WoW to 78,800 mt. Although imported copper arrivals were recorded over the weekend, domestic copper arrivals were limited, and downstream consumption remained moderate, leading to a decline in inventory in this region. Jiangsu's inventory increased by 6,900 mt WoW to 20,600 mt, while Guangdong's inventory rose by 2,700 mt WoW to 6,500 mt. The increase in inventory in these two regions was due to higher domestic copper arrivals and slightly weaker consumption, as reflected by the continued decline in Guangdong's daily outflows from warehouses. Looking ahead, we expect both domestic and imported copper arrivals to remain substantial this week, with total supply expected to increase WoW. On the downstream consumption side, the year-end effect is evident, and we anticipate weaker downstream consumption this week. According to our survey, the weekly operating rate of copper cathode rod production is expected to drop to 68.46%, down by 6.46 percentage points WoW. Therefore, we believe this week will see a scenario of increased supply and reduced demand, with weekly inventories likely to continue rising.

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