Copper inventories in major regions across the country decreased by 17,100 mt during the week [SMM weekly data].

SMM April 17 News: As of Thursday, April 17, SMM's national mainstream copper inventories fell by 17,100 mt to 233,400 mt compared to Monday, and decreased by 33,800 mt compared to last Thursday, marking the seventh consecutive week of destocking. Currently, inventories have fallen back from highs by 143,600 mt YoY, and are 170,100 mt lower than the 403,500 mt recorded in the same period last year. Click to apply for access to the SMM Metal Industry Chain Database. Specifically, Shanghai's inventory decreased by 8,000 mt to 156,300 mt compared to Monday, while Jiangsu's inventory dropped by 6,200 mt to 33,600 mt. Despite the replenishment of imported copper in east China, it was quickly consumed, coupled with limited arrivals of domestic copper, leading to a continuous decline in inventory in the region. Guangdong's inventory fell by 0.37 to 38,400 mt. Recent arrivals in Guangdong have remained low due to maintenance at nearby smelters, while downstream restocking sentiment has been moderate, as reflected by the consistently high daily average outflows from warehouses in Guangdong. Additionally, the tight supply of secondary copper has led to situations where its prices are even higher than those of copper cathode in some regions, prompting some downstream enterprises to switch to purchasing copper cathode instead of secondary copper for production, which is also a factor contributing to the decline in inventory. Looking ahead, it is understood that arrivals of imported copper will increase next week compared to this week, but arrivals of domestic copper will remain limited, and the total supply is expected to increase compared to this week. On the consumption side, with copper prices at relatively low levels for the year, downstream restocking enthusiasm remains moderate, and the substitution effect between refined and scrap copper is evident, so consumption is expected to remain high next week. Therefore, we believe that next week will see both increased supply and consumption, and weekly inventories are expected to continue to decline.

SMM

Copper inventories in major regions across the country decreased by 17,100 mt during the week [SMM weekly data].

【SMM NPI Market Transaction Update】SMM reported on April 17 that, according to market sources, a stainless steel mill in east China concluded a transaction for high-grade NPI today. The transaction price was 980 yuan/mtu (CIF, tax included, Ni≥11%), Indone

The market activity showed mediocre performance, and spot premiums/discounts remained stable [SMM North China Spot Copper].