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Copper inventories in major regions across the country decreased by 9,000 mt during the week [SMM Weekly Data]
Mar 07, 2025, at 9:49 am
[SMM Weekly Data on Copper Inventories in Major Regions] As of Thursday, March 6, SMM copper inventories in major regions across China decreased by 9,000 mt from Monday to 368,000 mt, down by 8,100 mt compared to last Thursday. This marks the first weekly destocking since the Chinese New Year, and we believe the inventory turning point has arrived.
As of Thursday, March 6, SMM copper inventories in major regions across China decreased by 9,000 mt WoW to 368,000 mt, down by 8,100 mt compared to last Thursday. This marks the first weekly destocking since the Chinese New Year, and we believe the inventory turning point has arrived.
Specifically, inventories in Shanghai decreased by 7,700 mt WoW to 235,900 mt, as both imported and domestic copper arrivals were limited this week. In Jiangsu, inventories slightly increased by 2,600 mt WoW to 58,400 mt, as higher copper prices weakened downstream consumption while arrivals slightly increased, leading to a rise in inventories. In Guangdong, inventories fell by 0.34 to 66,000 mt, mainly due to reduced arrivals. However, consumption in the region showed no improvement and even declined, as reflected by the continued drop in Guangdong's daily average outflows from warehouses.
Looking ahead, as the export window has opened, arrivals of both domestic and imported copper are expected to decrease. On the downstream consumption side, although copper prices have risen, the increase is not significant. With the peak season approaching, operating rates of downstream enterprises are expected to continue rising, and next week's consumption is likely to improve compared to this week. Therefore, we anticipate a scenario of reduced supply and increased demand next week, with weekly inventories continuing to decline.
