SHANGHAI, Nov. 13 (SMM) – China’s copper output climbed to a record in October as raw material supply increased and smelters put new capacity on stream.
China’s refined copper output rose to 637,958 tonnes in October, up from the previous record of 620,086 seen in September, according to data from the National Bureau of Statistics. The number was also 22.9% higher than a year earlier.
The persistent high TC/RCs for copper concentrate have been encouraging smelters to swing into full production, a source disclosed.
The record output in the world's largest producer and consumer of refined copper may presage ample copper supply in China’s domestic market in the coming weeks, which will pressure copper prices and erode appetite for spot imports.
Some smelters in China increased copper supply in spot market to raise cash, expecting liquidity to tighten by year’s end.
In north China, however, demand has begun waning, with some purchasers from Xinjiang reportedly cancelled purchase contracts for December as the lower temperatures hampered outdoor works. They may possibly cancel January’s contracts.
China’s refined copper production rose 13.67% to 5,579,689 tonnes through the first ten months of the year, data showed.