SHANGHAI, Jan. 25 (SMM) –

Refined Copper
China's refined copper output was 417.5 kt in December, up 28.10% YoY, and down 0.7% MoM.  Both figures were in line with the operating rates predicted in the last SMM survey, and  SMM further predicts China's refined copper output will remain relatively stable in January.  China's refined copper output in 2009 totaled 4.25 million mt, up 9.60% YoY.  The growth in output of refined copper in China will now accelerate following commission of new copper capacity.

Copper Semis
China's copper semis output was 1.01 million mt in December, up 36.90% YoY, and up 9.6% MoM.  YTD output was 9.8 million mt in 2009, up 22.20% from a year earlier.

Since November 2009, China's monthly copper semis output has exceeded 900 kt mt, and above expectations.   Given normal waning downstream demand in winter, SMM believes the growth in output of copper semis will likely lead to increases in finished product inventories.

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