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Copper inventories in major regions across the country increased by 1,200 mt during the week [SMM Weekly Data].
Jan 02, 2025, at 12:28 pm
[SMM Weekly Data on Copper Inventories in Major Regions] As of Thursday, January 2, copper inventories in major regions across China tracked by SMM increased by 1,200 mt from Monday to 114,300 mt, up by 8,900 mt WoW. Weekly inventories have risen for two consecutive weeks. Compared to Monday's inventory changes, most regions across the country saw an increase, with only Jiangsu and Tianjin experiencing slight declines. Total inventory was 37,400 mt higher YoY compared to 76,900 mt in the same period last year. Among them, Shanghai's inventory was 22,500 mt higher YoY, Jiangsu's was 15,200 mt higher, and Guangdong's was 600 mt higher.
As of Thursday, January 2, SMM national copper inventories in major regions increased by 1,200 mt from Monday to 114,300 mt, up by 8,900 mt WoW. Weekly inventories have risen for two consecutive weeks. Compared to Monday's inventory changes, most regions across the country saw an increase in inventory, with only Jiangsu and Tianjin experiencing slight declines. Total inventory was 37,400 mt higher YoY compared to 76,900 mt last year. Among them, Shanghai's inventory was 22,500 mt higher YoY, Jiangsu's was 15,200 mt higher, and Guangdong's was 600 mt higher.
Specifically, Shanghai's inventory increased by 300 mt from Monday to 79,100 mt, mainly due to the continued arrivals of imported copper. Jiangsu's inventory decreased by 1,800 mt to 18,800 mt, primarily because of reduced arrivals of domestic copper. Guangdong's inventory increased by 3,500 mt to 10,000 mt, as downstream consumption in Guangdong has significantly weakened recently, which is also reflected in the continuous decline in Guangdong's daily outflows from warehouses.
Looking ahead, it is reported that smelter shipments next week are expected to decrease compared to this week (as smelters conducted inventory clearance this week), and arrivals of imported copper are not expected to decline significantly. Thus, total supply is expected to be slightly lower than last week. On the demand side, with ample downstream funds at the beginning of the year, consumption is expected to be higher than last week. Therefore, we believe that next week will see a scenario of reduced supply and increased demand, and weekly inventories may decline again.
