Latest Update in the China Copper Market

According to SMM survey on the domestic major aluminium processing enterprises, their operating rates will vary during the National Day holiday, depending on their orders. Most of the small and medium-sized enterprises will close for 3-7 days for the holiday, while larger ones will take a shorter or even no break.

This is a roundup of China's metals weekly inventory as of September 30.

SMM offices will be closed for the National Day holiday from October 1 to 7, 2022. There will be no updates on price data and market news, including SMM Morning Comments and Macro Roundup during this period.

Shanghai nonferrous metals closed mostly with gains on the last trading day ahead of the National Day holiday. The higher-than-expected Chinese manufacturing data boosted the demand outlook for the world's largest metal consumer, while the London Metal Exchange (LME) may remove more brands of metal produced by Russian companies from the exchange's deliverable list, also a bullish call.

Copper inventories in domestic bonded zones fell 39,900 mt from September 23 to 58,700 mt as of September 30, according to the SMM survey.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on Sep 30, 2022

As of Friday September 30, SMM copper inventory across major Chinese markets stood at 66,200 mt, down 10,100 mt from Monday and 8,100 mt from last Friday.

According to the National Bureau of Statistics, the manufacturing purchasing managers' index (PMI) was 50.1% in September, up 0.7 point from the previous month, back to the expansion zone. T