It is said from a nonferrous market information provider on Wednesday that China’s copper stocks could approach a record high of 1.2 million tons, including copper both from the government reserves and market stocks.
According the report, such large stocks are enough for domestic consumption for about 80 days.
The country’s copper stocks were estimated at 670,000 tons in May and 735,000 tons in July. That means the stocks have increased by almost six times in August and September, mainly due to large imports in July and August.
Within the 1.2 million tons of copper stocks, the government reserves are 235,000 tons.Â Antaike has raised its forecast for China’s copper consumption from 5.3 million tons to 5.5 million tons this year. However, the domestic copper consumption hasn’t yet improved substantially.
In the face of high stocks, some copper enterprises say they may try to promote sales or add short positions in the futures market before the National Day Holiday at the beginning of October.