【SMM Copper Inventory Update】Social inventory of copper cathode in China's major regions continued to destock, but the destocking pace slowed down notably. Recently, imported copper supplies arrived at ports successively as replenishment, while arrivals of domestically produced supplies remained relatively low overall. Sustained release of rigid demand in the market supported a steady pullback in inventory. However, as the tight supply situation eased marginally, coupled with weakening downstream consumption, the destocking speed narrowed in this round.

【SMM Copper Inventory Update】Social inventory of copper cathode in major regions across China has been destocking for six consecutive weeks. Reduced domestic supply arrivals due to smelter maintenance, combined with warehouse withdrawals driven by regional price spreads and supported by rigid downstream demand, led to a continued decline in inventories.

【SMM Copper Inventory Update】This week, copper cathode social inventory in China's major regions destocked for the fourth consecutive week. This was mainly because smelters gradually entered maintenance cycles, arrivals tightened somewhat, and coupled with stable demand, this supported continued inventory pullback. However, affected by the rebound in copper prices, downstream demand showed signs of slowing down, causing the destocking pace to moderate.

【SMM Copper Inventory Flash】Social inventory of copper cathode in China’s major regions continued the destocking trend this week, marking the third consecutive week of declines. As smelters gradually entered maintenance cycles, upstream arrivals tightened somewhat, while downstream demand remained stable, and inventory continued to decline.

【SMM Copper Inventory Flash】This week, social inventory of copper cathode in China’s major regions continued to decline, mainly supported by tight supply in some areas and a recovery in downstream consumption; however, higher copper prices somewhat restrained downstream procurement, and relatively weak consumption slowed the pace of destocking.

[SMM Copper Inventory] Looking ahead to next week, continued fluctuations in copper prices are expected to keep disturbing end-user procurement sentiment, while rising plastic prices will bring cost pressure. However, existing orders will continue to support enterprises’ baseline production schedules, leaving limited downside room for operating rates. SMM expects the operating rate of copper wire and cable to fall 1.54 percentage points MoM to 69.23% next week, down 5.99 percentage points YoY.