China’s copper inventories demonstrate significant decline

According to data from Shanghai Metals Market (SMM), as of June 23, copper inventories in key regions of China decreased by 16,300 tons over the week (compared to the previous Friday), totaling 129,600 tons. Against the figures from the previous Thursday, declines were observed across all regions of the country. Total inventories were 257,000 tons lower than during the same period last year.

Regarding the situation in specific regions, inventories of the metal in Shanghai decreased by 11,900 tons compared to the previous Thursday. The main reasons for this decline were the low volume of both domestic and imported copper arrivals over the weekend and significant outflows from warehouses.

For the current week, SMM experts expect limited volumes of both domestic and imported copper supplies. Total metal supply is likely to decrease compared to last week. On the consumption side, a slight improvement is forecast.