SHANGHAI, Nov. 28 (SMM) –
Apparent consumption of refined copper in October was 764,000 mt, up 12,100 mt from September levels and due mainly to increases in imported copper. However, since copper inventories in markets were down slightly in October, real copper consumption was higher than apparent consumption. Since copper demand from the power industry is now falling sharply due to seasonal factors, SMM believes apparent consumption of refined copper will continue to fall in November.
Apparent consumption of copper semis was 1 million mt in October, down about 61,900 mt from September's 1.07 million mt, and this decline was due to lower imports and domestic output of copper semis. Apparent consumption of copper semis will remain low in November due to the seasonal low demand period.