SMM

As of Monday May 8, SMM copper inventory across major Chinese markets decreased 700 mt from last Friday but were 45,900 mt higher than the same period last year (May 9, 2022). The inventory in Shanghai fell 700 mt, the inventory in Jiangsu fell 3,700 mt, the inventory in Guangdong increased by 3,300 mt, and the inventory in Chengdu and Tianjin increased by 200 mt.

The big inventory decline in Shanghai is due to decreased shipments arrivals over the weekend and active shipments leaving warehouses in east China amid tight copper scrap supply. Inventories in Guangdong grew for two consecutive weeks.

It is expected that the range of national social inventory destocking will narrow this week in view of increasing arrivals and inflows of imported copper.

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