Increase in RCs of Blister Copper in South China in February Hit the Highest Since the Second half of 2022

SHANGHAI, Mar 16 (SMM) - SMM reported that RCs of domestic blister copper stood at 900-1,300 yuan/mt in February 2023, an increase of 250 yuan/mt from the previous month. RCs of imported blister copper were quoted at $105-125/mt cif, a decrease of $5/mt from January. RCs of blister copper in south China rose 250 yuan/mt to 900-1,300 yuan/mt, and those in north China stood at 1,000-1,200 yuan/mt, up 150 yuan/mt on the month.

The sufficient spot supply of copper scrap and high blister copper inventory in south China led to rising RCs. Copper prices remain high in 2023, and the supply of copper scrap increased. With the optimised pandemic control policy, the supply of blister copper increased further as the the turnaround time, transportation costs and dismantling speed of copper scrap improved. In addition, according to SMM, approaching the intensive maintenance period in the second half of March, domestic copper smelters have restocked enough raw materials, which weighed on the demand for blister copper.