【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.

【SMM Copper Inventory Flash】This week, social inventory of copper cathode in China’s major regions continued to destock, as downstream consumption gradually recovered and tight supply in some areas further supported the continued decline in inventory.

【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.