SHANGHAI, Feb 14 (SMM) – China produced 737,500 mt of copper cathode in January, down 3.16% from December, as some large-sized copper smelters produced in lower gears. Maintenance and environmental factors halved output of Qinghai Copper and Yuguang Gold & Lead, and this also caused lower production on the month.
On a yearly basis, copper cathode output in January grew 5.22%. The majority of domestic copper smelters maintained regular operation last month. High spot concentrate treatment charges (TCs) and robust prices of sulphuric acid supported their production enthusiasm. Greater-than-scheduled production at Jinchuan Group and Yunnan Copper lifted China’s output of copper cathode above SMM’s estimates of 732,600 mt.
Among newly-commissioned and resumed capacities in 2018, only those in Chalco's Ningde smelter and Wuzhou Jinsheng Copper stood below full operation in January. With a capacity utilisation rate of nearly 60% in January, Chalco's Ningde smelter planned to reach full production in April. Utilisation rates at Wuzhou Jinsheng Copper remained under 30%, and it would require time to run a full operation.
SMM forecasts fewer working days will lower China’s output of copper cathode to 721,000 mt in February. This stands 2.24% lower from January but 2.39% higher than February 2018. Production in the first two months of 2019 will increase 3.8% on the year.
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