SHANGHAI,Sept.19th(CBI China) -- Chinese copper smelters are expected to post a drop in 3Q revenue due to falling TC/RC, soft copper by-product prices, as well as weakening copper prices.
Global demand for copper and copper prices were down due to the slowing global economic growth, the spreading US subprime credit crisis, and the strong US dollar. Demand in China failed to improve despite the end of the Olympics. Prices of sulfuric acid, a by-product of copper smelting, has fallen 27.5% since early 3Q. During 2008, output of sulfuric acid from the Jiangxi Copper Group is expected to be 2.1 million mt, plus 800kt from Yunnan Copper.
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