The copper inventory in the Chinese markets as of Friday, Apr 7 totalled at 202,300 metric tonnes, up 400 metric tonnes from previous Friday & down 3,900 metric tonnes from Monday.
From pre-CNY levels, total inventories increased by 5,700 metric tonnes, rising for 2 weeks in a line.
In most places, copper inventories decreased when compared to Monday. Domestic total inventories increased by 62K metric tonnes from 140,300 metric tonnes over the same time period in 2017.
Shanghai’s inventory has climbed by 35,300 metric tonnes, Guangdong’s by 5,700 metric tonnes, Jiangsu’s by 13,900 metric tonnes, and Zhejiang’s by 4,800 metric tonnes compared to the same period previous year.
Compared to Monday, the inventories in Jiangsu dropped by 1,500 metric tonnes, and the inventories in Shanghai fell by 5,200 metric tonnes, to 119,000 metric tonnes.
The enthusiasm for downward buying intensified at the end of this week as copper prices decreased, hastening the reduction in inventories. Guangdong’s inventory was 50,800 metric tonnes from Monday, a minor increase of 200 metric tonnes.
This week, the volume of exports entering and departing Guangdong was essentially the same. The rise in locally registered warrants was the evident cause of the inventory growth in Zhejiang.
Shree Metal Prices analyst forecasts that given the spot pricing, smelters will boost their shipments to warehouses, increasing the overall supply the following week.
The week after next will see lower consumption than this week. supply will increase and demand will decline the next week. Moreover, inventory would increase.