Stocks in Shanghai warehouses reach highest level since 2020 as manufacturers rein in demand
The biggest glut of copper in four years has built up in Chinese warehouses, after a price jump and tepid consumer demand prompted manufacturers in Asia’s largest economy to pull back on buying the world’s most important industrial metal. Stocks of the metal in Shanghai Futures Exchange warehouses have grown to their highest level since 2020 at about 330,000 tonnes this month, according to Bloomberg data. Before then, the last time they hit this level was in 2015.
This, they argue, creates a risk of volatile price surges. The weak market in China has led copper for delivery to Shanghai to trade at a discount to the global benchmark price — a rare occurrence. However, it appears that Chinese copper fabricators have very recently started buying the metal again, with inventories recording slight decreases in the past two weeks. The build-up in copper stockpiles nevertheless points to the upheaval that the sector faces due to a global oversupply of smelters.
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