SHANGHAI, Nov. 15 (SMM) –

Copper Concentrate
According to the National Bureau of Statistics (NBS), China’s output of copper concentrate was 100.8 kt in October, down 18.2 kt or 9.24% MoM.  The decline in output was a reflection of ample scrap copper supply.  The number of copper smelters using scrap copper has increased due to its lower prices and ample supply, reducing demand for copper concentrate.  SMM believes these conditions will likely continue into November. 

Refined Copper
According to the NBS, China’s output of refined copper was 400 kt in October, down 5 kt or 1.23% on a monthly basis.  Based on the SMM’s survey of major copper smelters, operating rates during October were unchanged from September since there were no major maintenance or production cuts.  In addition, raw material supply was sufficient.  However, SMM believes production at domestic copper smelters was negatively affected by the National Day holiday in early October, resulting in slight declines in October’s output.  SMM believes that China’s refined copper production will rise in November.  
 
Copper Semis
According to the NBS, China’s output of copper semis was 890 kt in October, down 6 kt on a monthly basis.  Operating rates at copper processing enterprises in Anhui province were down due to ongoing power restrictions.  These losses, coupled with production reductions during the National Day holiday, were in line with SMM expectations for declines in China’s copper semis production.  As electricity restrictions are expected to ease in November, demand for copper semis will likely improve, along with greater acceptance of higher copper prices from downstream producers.  In this context, SMM believes that China’s copper semis output in November will increase from October levels.

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