SHANGHAI, Sep 19 (SMM) - As of Monday September 19, SMM copper inventory across major Chinese markets added 200 mt from last Friday to 84,700 mt, down 5,100 mt from last Tuesday. Among them, the inventory in Shanghai rose 2,300 mt to 68,800 mt, which was reflected in the arrival of imported copper such as two Chilean brands, ILO and non-registered brands. Inventory in Guangdong dipped 2,200 mt to 8,100 mt. The output of some smelters in south China declined amid the tight supply of copper scrap, thus the arrival of domestic copper in Guangdong decreased. Besides, the inflow of imported copper was also limited. Inventory in Tianjin dropped 400 mt to 1,500 mt as the narrow spread between the copper cathode and copper scrap supported the copper cathode consumption.
Looking forward, the consumption may improve in the peak season of restocking before the National Day holiday this week. The shortage of copper scrap may cast a greater impact on the copper cathode output. In addition, the arrival of some bill of lading will be delayed until October, hence the domestic supply will hardly grow. It is expected that social inventory will fall before the National Day holiday.
