SHANGHAI, Dec. 26 (SMM) –
Apparent consumption of refined copper during November was 789,900 mt, up 25,900 mt from October. Despite a drop in November refined copper output, an increase in imported refined copper helped offset this drop and helped apparent consumption increase. Due to the consumption of market inventories during November, the increase in real consumption during November was greater than apparent consumption. Nevertheless, since refined copper consumption during December is expected to fall from November levels due to the holidays, real consumption of refined copper will also fall during December.
Apparent consumption of copper semis during November was 1.08 million mt, up by 74,900 mt from the 1 million mt level seen in October. Since both output and imports of copper semis rose in November, apparent consumption of copper semis was also up. Orders pushed back by China's National Day holiday, as well as orders for December advanced due to holidays, were both fulfilled during November. This increase in activity caused operating rates at copper semis producers to rise sharply during November. However, as operating rates fall to normal levels during December, apparent consumption of copper semis will also fall.