SHANGHAI, Oct 24 (SMM) - As of Monday October 24, SMM copper inventory across major Chinese markets stood at 106,500 mt, down 18,600 mt from last Friday but up 7,900 mt from the same period last year when the data was 98,600 mt. The inventory in all regions of China decreased. In detail, the inventory in Shanghai decreased 8,200 mt to 74,600 mt, the inventory in Guangdong dropped 2,400 mt to 11,100 mt, the inventory in Jiangsu dipped 6,500 mt to 17,100 mt, the inventory in Tianjin fell 1,000 mt to 2,000 mt, and the inventory in Chengdu and Chongqing fell slightly.
Lower inventory in Shanghai was caused by the decreased copper arrivals and the average downstream consumption. In Guangdong, the inventory dropped as the arrivals of imported and domestic copper (some smelters were under maintenance) were low. In Tianjin, the inventory dropped due to the fewer arrivals. Since last week, smelters in north China have begun to actively ship goods to the east.
Looking forward, the arrival of imported and domestic copper will decrease this week. The total supply will be lower than last week, and the downstream demand will also be weaker due to the end-of-month factor. SMM believes that the inventory will fall this week.
