SHANGHAI, Oct 21 (SMM) - As of Friday October 21, SMM copper inventory across major Chinese markets stood at 125,100 mt, up 14,800 mt from Monday and 30,900 mt from last Friday. Compared with the data on Monday, the inventories in various regions of China decreased except those in the east. The inventory this week added 30,400 mt compared with the same period last year when the total inventory stood at 94,700 mt. Among them, the inventory in Shanghai rose 18,200 mt, that in Jiangsu grew 12,100 mt, and that in Guangdong added 3,600 mt. The higher inventory this week is contributed by the slower growth of consumption and the sharp increase in arrivals.
In detail, the inventory in Shanghai added 8,900 mt to 82,800 mt compared with Monday due to the centralised delivery of smelters, the increase in imported copper, and the slower warehouse circulation. The inventory in Guangdong dipped 1,300 mt to 13,500 mt. After the centralised delivery early this week, the arrival of domestic copper (some smelters still proceeded with maintenance) and imported copper was low, while downstream purchases grew.
Looking forward, the arrival of imported and domestic copper will decrease this week. Besides, the total supply and downstream consumption will also drop. SMM believes that the inventory next week will rise somewhat.
