On December 31, the Shanghai Futures Exchange reported copper inventories as follows: Shanghai region totaled 31,898 tons, an increase of 2,129 tons from the previous day; Guangdong region totaled 15,743 tons, unchanged from the previous day; Jiangsu region totaled 33,933 tons, an increase of 7,908 tons from the previous day; Zhejiang region totaled 201 tons, unchanged from the previous day. The total inventory amounted to 81,775 tons, an increase of 10,037 tons from the previous day.
PriceSeek's analysis of copper indicates a long-short score of -1.5. The report highlights that on December 31, the total copper inventory on the Shanghai Futures Exchange increased by 10,037 tons to 81,775 tons, with notable increases in Shanghai (up 2,129 tons) and Jiangsu (up 7,908 tons). The significant accumulation of inventory suggests an oversupply in the market or weak demand, exerting strong downward pressure on spot copper prices and potentially suppressing short-term spot price trends.
Comments
0