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Copper inventories in major regions across the country increased by 5,100 mt during the week [SMM Weekly Data].
Jan 16, 2025, at 4:52 pm
[SMM Weekly Data on Copper Inventories in Major Regions]: As of Thursday, January 9, copper inventories in major regions across China tracked by SMM decreased by 10,100 mt to 105,700 mt compared to Monday, and fell by 8,600 mt WoW. The weekly inventory ended its two-week increase and resumed a decline. Compared to Monday's inventory changes, most regions across the country saw a decrease in inventories, with only Jiangsu experiencing a slight increase. Total inventories were 33,700 mt higher YoY than the 72,000 mt recorded in the same period last year. Among them, inventories in Shanghai were 24,000 mt higher YoY, Jiangsu 16,900 mt higher YoY, and Guangdong 4,600 mt lower YoY.
As of Thursday, January 16, SMM copper inventories in major regions across China increased by 5,100 mt from Monday to 108,100 mt, up by 2,400 mt compared to last Thursday. Compared to Monday's inventory changes, inventories in most regions across the country increased, with only Jiangsu experiencing a slight decline. Total inventory was 32,700 mt higher YoY compared to 75,400 mt last year. Among them, Shanghai's inventory was 24,200 mt higher YoY, while Jiangsu's inventory was 8,400 mt higher YoY.
Specifically, Shanghai's inventory increased by 5,100 mt from Monday to 79,300 mt. Both imported copper and domestically produced copper arrived this week, while downstream consumption showed signs of weakening, leading to a decline in inventory in this region. Jiangsu's inventory decreased by 3,500 mt to 14,500 mt, as downstream procurement volume significantly increased during the pre-holiday stockpiling peak. Guangdong's inventory increased by 1,700 mt to 8,900 mt, as arrivals in Guangdong significantly increased recently, while downstream consumption weakened. This is also reflected in Guangdong's daily outflows from warehouses, which remained at low levels.
Looking ahead, it is reported that next week's imported copper arrivals are expected to remain basically flat compared to this week, while smelter shipments are expected to increase, leading to a total supply increase WoW. On the downstream consumption side, as the Chinese New Year approaches, more downstream enterprises are expected to go on holiday, resulting in weaker consumption next week compared to this week. Therefore, we anticipate a scenario of increasing supply and decreasing demand next week, with weekly inventories continuing to rise.
