SMM News, March 27: Data Brief: As of Thursday, March 26, SMM copper inventories in major regions across China fell 18.29% WoW from last Thursday. Total inventory increased 92,900 mt YoY and has posted destocking for two consecutive weeks. By region, in Shanghai, copper cathode inventory continued to pull back as downstream consumption boosted warehouse withdrawals well above warehouse inflows; in Jiangsu, downstream consumption recovered steadily, and inventory continued to decline in tandem; in Guangdong, consumption remained robust, coupled with tight supply in some areas, driving a faster pace of inventory decline. Looking ahead, on the supply side, imported copper cargoes continued to arrive, while arrivals of domestically produced copper decreased somewhat; on the demand side, downstream enterprises mainly made just-in-time procurement. Based on the overall supply-demand pattern, China’s copper cathode supply is expected to remain tight next week, while consumption is expected to stay broadly stable, and weekly inventory is expected to continue destocking.

SMM News, March 5: Data Brief: As of Thursday, March 12, SMM copper inventories in major regions nationwide fell 0.57% WoW from last Thursday, ending the inventory buildup seen over the previous three consecutive weeks; total inventories increased 218,400 mt YoY from the same period last year, while regional performance remained differentiated. By region, copper cathode inventory in Shanghai continued to build up. Although consumption recovered somewhat, inventories still trended upward due to the impact of concentrated arrivals of imported cargoes and delivery factors; in Jiangsu, inventories declined slightly, supported by recovering downstream consumption; in Guangdong, consumption rebounded significantly and warehouse withdrawals increased, with inventories already reaching an inflection point and expected to continue declining going forward. Looking ahead, on the supply side, imported cargoes continued to arrive at port and domestic arrivals remained steady; on the demand side, downstream enterprises fully resumed production, and consumption recovered markedly. Based on the overall supply-demand pattern, supply is expected to remain normal next week while consumption steadily rebounds, and weekly copper cathode inventories are expected to destock somewhat.

SMM February 26: Data Brief: As of Thursday, February 26, SMM's national mainstream copper inventories increased 4.56% WoW from Tuesday, with total inventory up 155,600 mt YoY. By region, Shanghai's copper cathode inventory continued to build, supported by sustained arrivals of imported and domestic supplies; Jiangsu saw a slight inventory accumulation as downstream operations had not fully resumed; Guangdong's downstream enterprises only gradually resumed production today, leading to a slow recovery in consumption and driving a continued rise in warehouse inventories. Looking ahead, supply side, imported materials continue to arrive at ports, while domestic supply arrivals remain stable; demand side, downstream enterprises are gradually resuming production, and consumption is expected to recover. Considering the overall supply-demand pattern, copper market supply is expected to remain normal next week, consumption is likely to steadily recover, and the pace of weekly inventory buildup is projected to slow down.

SMM February 12 News: Data Review: As of Thursday, February 12, SMM's national mainstream copper inventories increased 5.3% WoW, with total inventory up 27,400 mt YoY. By region, Shanghai's copper cathode inventory saw significant buildup, as domestic supply continued to arrive and imported supply also concentrated at ports. Jiangsu inventory decreased slightly, driven by downstream enterprises' pre-holiday stockpiling and cargo pick-up. Guangdong inventory remained stable, with the market already entering holiday mode and only some domestic supply arriving. Looking ahead, supply side, the opening of the import arbitrage window is boosting arrivals of imported copper, while domestic supply arrivals are expected to decrease due to the approaching Chinese New Year. Demand side, with the Spring Festival holiday approaching, downstream enterprises are gradually entering a holiday pace, and end-use demand is weakening. Considering both supply and demand, copper market next week is expected to show normal supply and weaker consumption, with weekly inventories entering a buildup phase.

SMM Morning Meeting Summary: On Friday evening, LME copper opened at $9,566/mt, dipping to a low of $9,532/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of $9,654.5/mt near the close, and ultimately closed at $9,647.5/mt, marking a decline of 0.44%. Trading volume reached 18,000 lots, and open interest stood at 291,000 lots. On Friday evening, the most-traded SHFE copper 2507 contract opened at 77,910 yuan/mt, dipping to a low of 77,810 yuan/mt shortly after the opening bell. It then fluctuated upward throughout the session, reaching a high of 78,480 yuan/mt near the close, before pulling back slightly to close at 78,350 yuan/mt, marking a decline of 0.06%. Trading volume reached 30,000 lots, and open interest stood at 192,000 lots.

[SMM Morning Meeting Summary: Expectations for US Fed Interest Rate Cut Intensify, Copper Prices Unlikely to Decline] On June 11, spot prices of #1 copper cathode against the SHFE copper 2506 contract were quoted at a premium of 40-150 yuan/mt, with an average quoted premium of 95 yuan/mt, up 10 yuan/mt from the previous trading day. Looking ahead to today, the availability of standard-quality copper is not expected to ease in the latter half of the week. Currently, with copper prices at a high level, downstream buyers are generally driving down purchasing prices. However, as the delivery date approaches, suppliers are reluctant to sell below parity prices...

[SMM Morning Meeting Summary]: Overnight, LME copper opened at $9,640/mt, touching a low of $9,603.5/mt in the early session before fluctuating considerably upward. It approached a high of $9,660/mt near the close and ultimately closed at $9,649/mt, up 0.11%. Trading volume reached 14,000 lots, and open interest stood at 284,000 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,050 yuan/mt, fluctuating upward in the early session to touch a high of 78,220 yuan/mt during the session. It then fluctuated downward, touching a low of 77,960 yuan/mt, before rebounding slightly near the close to ultimately close at 78,140 yuan/mt, down 0.08%. Trading volume reached 26,000 lots, and open interest stood at 191,000 lots.

[SMM Morning Meeting Summary]: Overnight, LME copper opened at $9,640/mt, touching a low of $9,603.5/mt in the early session before fluctuating considerably upward. It approached a high of $9,660/mt near the close and ultimately closed at $9,649/mt, up 0.11%. Trading volume reached 14,000 lots, and open interest stood at 284,000 lots. Overnight, the most-traded SHFE copper 2507 contract opened at 78,050 yuan/mt, fluctuating upward in the early session to touch a high of 78,220 yuan/mt during the session. It then fluctuated downward, touching a low of 77,960 yuan/mt, before rebounding slightly near the close to ultimately close at 78,140 yuan/mt, down 0.08%. Trading volume reached 26,000 lots, and open interest stood at 191,000 lots.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,608.0/mt, fluctuating in the early session and reaching a high of $9,622.0/mt during the volatile period. It then pulled back, touching a low of $9,557.0/mt, before fluctuating again and eventually closing at $9,567.0/mt, up 0.01%. Trading volume was 13,343 lots, and open interest was 295,433 lots. Overnight, the SHFE copper 2507 contract opened at 78,080 yuan/mt, fluctuating in the early session and reaching a high of 78,100 yuan/mt during the session. It then fluctuated downward, touching a low of 77,750 yuan/mt, before eventually closing at 77,850 yuan/mt, down 0.18%. Trading volume was 30,719 lots, and open interest was 171,728 lots.

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,636.5/mt, initially touching a high of $9,645.0/mt before prices fluctuated downward. The lowest price reached during the session was $9,548.0/mt, and it eventually closed at $9,566.0/mt, down 0.31%. Trading volume was 14,383 lots, and open interest was 293,958 lots. Overnight, the SHFE copper 2507 contract opened at 78,010 yuan/mt, with prices fluctuating initially before declining steadily. It touched a high of 78,130 yuan/mt at the beginning of the session and fell to a low of 77,700 yuan/mt at the end, eventually closing at 77,790 yuan/mt, down 0.33%. Trading volume was 26,397 lots, and open interest was 168,556 lots.