Rising Copper Prices in February Led to Sufficient Copper Scrap Supply

[SMM Shanghai Spot Copper] Looking ahead to next week, spot premiums in the current Shanghai market have risen to near the year’s highs. As premiums have climbed rapidly for several consecutive sessions, downstream acceptance of high-priced cargo has declined somewhat, and the momentum for spot premiums to rise further is expected to weaken. In terms of supply, according to SMM, some non-registered copper that previously had delayed warehousing due to port congestion is expected to arrive at ports gradually next week, providing some replenishment to available cargo in the Shanghai market. Meanwhile, after the spot price spread between Shanghai and surrounding regions widened, the cross-regional arbitrage window has opened, and some out-of-town cargo is in a position to be transferred to Shanghai, which may marginally ease the tight supply pattern going forward. However, after entering September, a new round of procurement cycles is about to begin. Some downstream players and traders have restocking needs at the beginning of the month. Coupled with the fact that Shanghai market inventory and available cargo remain relatively tight, this provides support to spot premiums on the downside. Overall, with stronger expectations for replenishment from imports and cross-regional cargo, high premiums suppressing chase-buying demand, and early-month procurement demand about to be released, Shanghai spot copper prices against the 2609 contract are expected to remain at elevated premiums next week. There is limited room for the premium center to continue rising sharply, and a pull back slightly cannot be ruled out; overall, the market may consolidate at highs.

Según The Chosun Ilbo, impulsadas por la recuperación del almacenamiento de energía (ESS) en Norteamérica y la demanda de vehículos eléctricos en Europa, las tasas de utilización de capacidad del 2T de las tres principales empresas surcoreanas de lámina de cobre para baterías —SK Nexilis, Lotte Energy Materials y Solus Advanced Materials— repuntaron de forma notable, y el aumento de los volúmenes de pedidos ayudó a mejorar la rentabilidad. La tasa de utilización de capacidad de SK Nexilis subió del 69,6 % en el 1T al 75,7 % en el 2T, con ventas trimestrales que alcanzaron un máximo histórico de 254.000 millones de wones; la tasa de utilización de Lotte Energy Materials aumentó del 66,6 % al 72,1 %, con ventas del 2T de 19.420 millones de wones, un 21 % más intermensual; la tasa de utilización de la planta de Solus Advanced Materials en Hungría se incrementó del 47 % al 67 %, y su segmento de lámina de cobre registró ventas del 2T de 7.500 millones de wones, un 22 % más intermensual. Los tres productores de lámina de cobre prevén que las tasas de operación de las fábricas aumenten aún más en el 2S. Bajo las restricciones de la política AMPC de EE. UU., los pedidos de exportación continuaron desplazándose hacia las empresas surcoreanas, y Corea del Sur se ha convertido en la única región fuera de China con capacidad a gran escala de lámina de cobre para baterías.