RE:but but China
Copper prices look pretty strong to me, building a lot of strength above 4.00 despite China's weakness. Let's see what going on in China......
From SMM’s report today on China’s copper inventories.
“As of Thursday, September 19, SMM copper stocks in major regions nationwide stood at 192,600 mt, down 24,300 mt from last Thursday, marking the 11th consecutive week of destocking, with the destocking speed accelerating.”
“Compared to last Thursday, inventories in most regions nationwide decreased, with only Tianjin showing a slight increase. Total inventory was 97,900 mt higher compared to 94,700 mt in the same period last year.”
“Looking ahead, domestic copper arrivals will continue to decrease next week, but imported copper arrivals will increase, with total supply expected to decrease slightly WoW. On the demand side, downstream end-users will restock before the National Day holiday, leading to a significant improvement in consumption next week. Therefore, we believe that next week will see a decrease in supply and an increase in demand, with weekly inventory likely to continue its downward trend.”