As of June 15,copper inventories across major regions in China keep sliding down. Total stocks now at 207,700 metric tons. That's up 60,000 metric tons from same time last year,according to SMM data . But regional trends show mixed results.
In Shanghai, withdrawals from warehouses have sped up. Imported and domestic copper cathode arrivals still low,though,leading to more destocking . Meanwhile, Jiangsu sees inventory drop due to not enough arrivals,hitting consumption. Over in Guangdong,inventory builds as smelters boost deliveries. But demand's weak after weekend,so consumption's stuck.
Market outlook? Imported and domestic copper cathode arrivals likely stay limited. Supply's tight. Copper prices have bounced back to high levels,maybe cooling procurement interest downstream. Survey says copper cathode rod production set to hit 68.36% operating rate,up 0.89 percentage points week-over-week .
Short-term market looks tight,given current supply-demand setup. China's domestic copper social inventory expected to keep dropping next week. Uncertain times for stakeholders…
