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Copper inventories in major regions across the country increased slightly by only 2,100 mt during the week [SMM Weekly Data].
Feb 27, 2025, at 1:12 pm
[SMM Weekly Data on Copper Inventories in Major Regions]: As of Thursday, February 27, SMM copper inventories in major regions across China slightly increased by 2,100 mt to 376,100 mt compared to Monday, up by 18,500 mt compared to last Thursday, and up by 210,300 mt compared to before the Chinese New Year. The weekly inventory increase has significantly slowed this week, with attention on whether destocking will occur next week.
SMM, February 27: As of Thursday, February 27, SMM copper inventories in major regions across China slightly increased by 2,100 mt from Monday to 376,100 mt, up by 18,500 mt from last Thursday and by 210,300 mt from pre-Chinese New Year levels. The weekly inventory growth has significantly slowed this week, and attention will focus on whether destocking will occur next week.
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Specifically, inventories in Shanghai increased by 12,900 mt from Monday to 245,200 mt. Although arrivals of imported copper were limited, the higher arrivals of domestic copper led to continued inventory growth in this region. Inventories in Jiangsu decreased by 6,200 mt to 55,300 mt, while inventories in Guangdong fell by 530 mt to 67,700 mt. The recent improvement in consumption in these two regions is also reflected in the rebound of Guangdong's daily outflows from warehouses. Combined with reduced arrivals in these areas, inventories have shown a noticeable decline.
Looking ahead, based on our understanding, arrivals of imported copper are expected to remain limited next week due to an unfavorable SHFE/LME price ratio and the closure of the import window. In contrast, the export window has recently opened, and domestic smelters are preparing supplies for export, which will reduce domestic supply. On the demand side, with copper prices continuing to pull back and most factories resuming normal production in March, consumption is expected to improve compared to last week. Therefore, we anticipate a scenario of reduced supply and increased demand next week, with weekly inventories likely to fall back from highs.
