Refined copper social inventory was 80.7kt today, +22.3kt compared with August 29 and +11.8kt compared with September 1. Shanghai inventory was 57.9kt, +11.3kt compared with August 29 and +7.5kt compared with September 1. Guangdong inventory was 16.2kt, +9.3kt compared with August 29 and +4.2kt compared with September 1. Jiangsu inventory was 3kt, +0.8kt compared with August 29 and +0.2kt compared with September 1.
Data Source: Mysteel
Bonded warehouse inventory was 84kt today, -22kt compared with August 29 and -16kt compared with September 1. Shanghai bonded inventory was 77kt, -19kt compared with August 29 and -13kt compared with September 1. Guangdong bonded inventory was 7kt, -3kt compared with August 29 and -3kt compared with September 1.
Imported copper arrived at the beginning of the month and directly cleared into domestic market instead of bonded warehouse due to opened import arbitrage. Part of the imported copper flew to downstream producers and others came to social inventory. Thus, bonded warehouse inventory remained falling while social inventory kept rising.
Data Source: Mysteel
For queries and more information/data/reports access, please contact Paula Xu at xuzhongping@mysteel.com
