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From January to June 2016, the trend of global copper inventories changed significantly, copper inventories on the London Metal Exchange (LME) shrank sharply, and China's previous inventories exceeded LME inventories, so the center of gravity of global copper inventories shifted to China
.
However, with the closure of the domestic import profit window and the decline in imported copper inflows, copper inventories in the previous period have also continued to decline from the all-time high of 394,000 tons on March 18, and have fallen to 155,000 tons
at the end of June.
At the beginning of the year, domestic and foreign copper inventories were basically in an upward trend, starting in February, the previous copper stocks and London Metal Exchange (LME) copper stocks showed a completely opposite trend, LME copper stocks continued to decline, and Shanghai Futures Exchange copper stocks continued to rise
.
In March, LME copper stocks fell for the eleventh consecutive month, reaching their lowest in nearly 14 months, down about 50%.
In stark contrast, China's copper inventories hit a record high in the first quarter of this year
.
After a sharp decline in the first half of last year, copper inventories in the previous period have steadily increased and doubled in March this year, reaching an all-time high
.
This is the first time in more than a decade that the previous copper stock exceeded the LME copper stock.
From April to June, copper inventories in the previous period began to decline sharply, and LME copper inventories rose
slightly after the low shock.
However, it is worth noting that although the copper inventory in the previous period fell sharply, the total stock of the domestic bonded zone in the previous period at the end of June still increased from about 569,000 tons at the beginning of the year to about 745,000 tons, in addition, the total copper inventory at home and abroad at the end of June was about 1 million tons, and the total amount at the beginning of the year was about 875,000 tons, so the total global copper inventory did not change much
.
Looking forward to the second half of the year, from the middle and late June, copper downstream consumption gradually entered the off-season, Shanghai and Guangdong inventories began to stop falling in July to show a recovery trend, and up to now large-scale smelter maintenance has been completed, copper concentrate processing refining fees are expected to remain high, copper production in the second half of the year or higher than the first half of the year, copper market supply pressure will gradually reflect, the basic face of copper prices will form a suppression
.
