Copper inventories in three major consumption areas in China accelerated their increases this week, as high copper prices deterred downstream purchases and reduced shipments from warehouses. 

SMM data showed that inventories of copper cathode across Shanghai, Guangdong and Jiangsu, including those in SHFE-approved warehouses, surged 39,600 mt from July 10 to 240,200 mt as of Friday July 17. That marked the third consecutive week of increase, following after a build of 1,400 mt in the previous week. 

Inventories in Shanghai expanded 20,500 mt week on week to 177,000 mt as of July 17. Stocks in Jiangsu and Guangdong, meanwhile, grew 9,700 mt and 9,400 mt, respectively, from a week ago to 35,700 mt and 27,500 mt.