PMI of Copper Terminals will Pick Up in March

SHANGHAI, Mar 21 (SMM) - SMM expects that the PMI of copper terminals will pick up significantly in March. The operating rates of copper semis in March are expected to reach 72.59%, an increase of 7.96% month-on-month and 2.58% year-on-year. Amid the traditional peak season, the consumption will rise further, which is the main factor leading to the higher operating rates. It is estimated that the consumption of copper cathode in March will be 1.2725 million mt, an increase of 3.42% year-on-year. The backwardation of SHFE copper will also provide some support for the copper prices.