SHANGHAI, Sep 26 (SMM) - As of Monday September 26, SMM copper inventory across major Chinese markets added 2,000 mt from last Friday to 76,300 mt. The total inventory dipped 15,900 mt compared with the same period last year when the data was 92,200 mt. The inventory in most regions of China decreased, except that in Shanghai. In detail, the inventory in Shanghai rose 4,600 mt to 64,300 mt, the inventory in Guangdong dipped 2,400 mt to 5,600 mt, the inventory in Tianjin lost 200 mt to 800 mt, while the inventory in other regions stayed unchanged.
Over the weekend, a lot of imported copper in Shanghai was cleared, increasing the local inventories. In Guangdong, arrivals of both imported and domestic copper were low, and the current inventory has dropped to around 5,000 mt, hitting a historical low. Inventory in Tianjin fell slightly as the consumption was acceptable.
Looking forward, SMM believes that there is little change in arrivals this week, but downstream consumption grows though it is not as good as in the same period last year. It is expected that the inventory this week will decline slightly, and the market needs to pay attention to the accumulation of inventory after the National Day holiday.
