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China’s Output of Copper Semis in May Hits New Highs of 979 kt in 2011

iconJun 15, 2011 11:54
Source:SMM

SHANGHAI, Jun. 15 (SMM) –According to the National Bureau Statistics (NBS), China’s output of copper semis reached 979 kt in May, up 61 kt or 6.99% from 915 kt in April.

The significant increases in China’s output of copper semis indirectly proved SMM’s earlier views that the continuous growth in domestic copper consumption relied more on consumption of inventories when the supply was tight. Based on SMM survey of major domestic copper semis producers in May, May operating rates at producers extended the robust situation in March and April. Despite the cautious attitude towards copper prices, there were still a lot of end-consumers entering into the market for purchases at low prices, driving orders for copper semis to increase.

However, both the end-consumers and copper semis producers were pessimistic towards the outlook in June. They believed the changeable weather this year and the arrival of the seasonal low demand period would cause orders to fall in June. Hence, SMM believes that China’s output of copper semis in June will return to around 900 kt.     


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copper semis output in May

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