Shanghai Copper Inventory Hits Year-Low 116,600 Tons as Mining Disruptions Mount

XCU0.15%
According to Sanlì Futures, Shanghai copper inventory fell sharply on July 22, dropping from 131,400 tons on July 16 to 116,600 tons by July 20, marking the lowest level this year. Supply-side pressures intensified as heavy snowfall and rainfall disrupted production at Caserones mine operated by Lunding Mining and delayed copper concentrate and refined copper exports from major mining regions in Antofagasta. Import copper concentrate smelting charges plummeted to -141.5, an extreme historic low. Meanwhile, expectations for U.S. Federal Reserve rate hikes on July 30 stand below 20%, with markets pricing in a likely hold. Easing near-term rate pressures has supported copper's upside momentum.
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