China Copper Social Inventory Rises by 17,700 MT WoW
China's copper social inventory saw an increase last week, according to SMM Weekly Data. The total inventory rose by 17,700 mt WoW (week-over-week) to 134,400 mt. This is a significant rise compared to the same period last year, which saw 131,700 mt.
The data indicates that arrivals in Shanghai increased, and copper prices have consolidated at highs, leading to a slight recovery in demand. However, the inventory buildup pattern persisted.
In other regions, Jiangsu saw an increase in arrivals, but Jiangsu's inventory accumulated slightly. In Guangdong, after contract rollover, arrivals contracted, and warehouse withdrawals increased, resulting in a pullback of inventory.
Looking ahead, while China copper cathode arrivals have increased in the short term, imported cargo arrivals at ports pulled back, easing domestic supply pressure marginally. Demand remains sluggish due to copper prices consolidating at highs.