On Friday March 10, China's scrap copper inventory decreased by 1,000 tons from March 3-6 to 271,100 tons in some industrial markets. From the end of last year to date, total copper stocks have fallen for two consecutive weeks and stocks have reached breaking point.
The total copper stock, which was 216,000 tons in March 2022, reached 271,100 tons in March 2023. From the beginning of the week to date, scrap copper stocks fell 14,000t to 158,700t in Shanghai, while inventories in Jiangsu fell 10,300t to 29,600. On the other hand, declining scrap copper prices also increased demand.
Some scrap copper exports and limited customs clearance of imported scrap copper resulted in stock loss in China. Imported scrap copper customs clearance, which is expected to increase from this week, is expected to increase the total supply as well.
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