China June Cu Output Data Analysis -Shanghai Metals Market

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China June Cu Output Data Analysis

Data Analysis 11:17:16AM Jul 19, 2010 Source:SMM

SHANGHAI, July 19 (SMM) -

Copper Concentrate
According to China’s National Bureau of Statistics (NBS), China’s output of copper concentrate was 111 kt in June, up 5 kt from 106 kt in May.  High operating rates at domestic copper smelters have improved demand for domestic ores, while limited resources have restricted output of domestic copper concentrate.  SMM believes China’s copper concentrate output will remain stable in July.

Refined Copper
According to NBS, China’s output of refined copper was 422 kt in June, up 24 kt or 6.03%,   from 398 kt in May.  SMM believes there are two reasons behind the higher copper output in China.  First, China’s copper demand did not fall during June.  However imports of refined and scrap copper were lower, creating stronger demand for domestic copper, resulting in higher production rates from domestic copper smelters.  Second, domestic copper smelters with plans for regular summer unit maintenance increased production for long-term contract supply before maintenance begins.  As some domestic copper producers have been conducting maintenance since early July, SMM believes that China’s output of refined copper for July will drop by around 10%. 

Copper Semis
According to NBS, China’s output of copper semis was 1.009 million mt in June, an increase of 44 kt from 965 kt in May, or up 4.70%, which was in line with SMM’s previous survey of operating rates at downstream producers.  Downstream demand showed no significant decline in June, instead continued to grow, stimulated by falling copper prices.  However, this condition did not continue into July.  Based on SMM’s survey in July, China’s copper semis output during July is expected to fall.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn

China June Cu Output Data Analysis

Data Analysis 11:17:16AM Jul 19, 2010 Source:SMM

SHANGHAI, July 19 (SMM) -

Copper Concentrate
According to China’s National Bureau of Statistics (NBS), China’s output of copper concentrate was 111 kt in June, up 5 kt from 106 kt in May.  High operating rates at domestic copper smelters have improved demand for domestic ores, while limited resources have restricted output of domestic copper concentrate.  SMM believes China’s copper concentrate output will remain stable in July.

Refined Copper
According to NBS, China’s output of refined copper was 422 kt in June, up 24 kt or 6.03%,   from 398 kt in May.  SMM believes there are two reasons behind the higher copper output in China.  First, China’s copper demand did not fall during June.  However imports of refined and scrap copper were lower, creating stronger demand for domestic copper, resulting in higher production rates from domestic copper smelters.  Second, domestic copper smelters with plans for regular summer unit maintenance increased production for long-term contract supply before maintenance begins.  As some domestic copper producers have been conducting maintenance since early July, SMM believes that China’s output of refined copper for July will drop by around 10%. 

Copper Semis
According to NBS, China’s output of copper semis was 1.009 million mt in June, an increase of 44 kt from 965 kt in May, or up 4.70%, which was in line with SMM’s previous survey of operating rates at downstream producers.  Downstream demand showed no significant decline in June, instead continued to grow, stimulated by falling copper prices.  However, this condition did not continue into July.  Based on SMM’s survey in July, China’s copper semis output during July is expected to fall.

 

Copyright © SMM. All Rights Reserved

None of this material may be used for any commercial or public use in any forms or means, without the prior written consent of SMM. For reproduction issue, please contact us by email: service.en@smm.cn