【SMM Copper Inventory Flash】 Over the weekend, social inventory of copper cathode in SMM’s major regions saw a sharp destocking, showing a pronounced destocking trend; driven by the significant pullback in copper prices, downstream consumption continued to recover, and market purchasing enthusiasm increased markedly.

According to data released by the SHFE on March 19, copper warrants saw significant declines across major regions, with total inventory dropping by 12,244 tons from the previous trading day, marking a substantial drawdown. Copper prices continued their downward trend during the day, with the trading range dipping to 94,000-95,800 yuan per ton. The price drop stimulated downstream companies' enthusiasm for buying on dips, pushing the spot premium/discount center upward. Taking advantage of the rebounding premiums, holders actively shipped their warrants, leading to a large outflow of inventory that was subsequently absorbed by downstream consumers. This indicates that current price levels have become increasingly attractive to end-users.

【SMM Copper Inventory Flash】This week, SMM copper cathode social inventory in major regions continued to decline. After delivery concluded, arrivals of domestic cargo were relatively limited, while downstream consumption steadily recovered, significantly accelerating the pace of warehouse withdrawals.

【SMM Copper Inventory Flash】 Over the weekend, SMM social inventory of copper cathode in major regions destocked at an accelerated pace. Although imported and domestic supplies continued to arrive, the pace of warehouse withdrawals quickened, driven by the steady recovery in downstream consumption.

【SMM Copper Inventory Flash】This week, social inventories of copper cathode in major SMM-tracked regions ended three consecutive weeks of inventory buildup and turned to a slight drawdown, mainly driven by the continued recovery in downstream consumption.

【SMM Copper Inventory Flash】 Over the weekend, social inventory in China’s major copper cathode regions continued to see a slight inventory buildup, but the pace of accumulation narrowed. On the demand side, consumption recovered somewhat, driven by the pullback in copper prices and the resumption of work and production downstream; however, imported cargoes continued to arrive at ports, and incremental supply on the supply side still pushed inventories higher.

SMM News, March 9: Data Commentary: As of Monday, March 9, SMM copper inventories in major regions nationwide increased 3.37% WoW from last Monday, and also showed an inventory buildup versus last Thursday, with divergent performance across regions. Specifically, downstream consumption in Shanghai continued to improve, but concentrated arrivals of imported copper drove a slight inventory buildup; in Jiangsu, downstream demand recovered in tandem, yet arrivals of domestic copper increased, with market inflows and outflows basically balanced, and inventories showing a slight buildup; in Guangdong, driven by the pull back in copper prices and downstream enterprises resuming production, inventories continued to decline. Looking ahead, imported copper is still expected to arrive in a concentrated manner, while arrivals of domestic copper are expected to remain stable, with overall supply increasing steadily; demand side, the pullback in copper prices effectively stimulated downstream consumption, with rigid demand gradually being released. Survey results showed that the weekly operating rate of copper cathode rod was expected to increase to 70.46% this week, up 7.99 percentage points WoW. Considering both supply and demand, the market currently shows a pattern of “rising supply and recovering consumption,” and social inventory was expected to see some destocking this week.

【SMM Copper Inventory Flash】This week, SMM copper cathode social inventory in major regions again saw a slight inventory buildup. Although downstream consumption on the demand side recovered somewhat, continued arrivals of imported cargoes on the supply side drove inventories to keep building up, but the pace of the buildup narrowed.

U.S. refined copper stocks rose sharply while scrap exports climbed above 1 million tonnes, prompting market focus on forthcoming tariff policy risks and supply-chain volatility.

【SMM Copper Inventory Flash】 On the supply side, continued arrivals of imported cargoes and stable domestic deliveries drove a sustained inventory buildup, and SMM copper cathode social inventory in mainstream regions saw another buildup this week.