SHANGHAI, Jul. 27 (SMM) – Utilization rate at China’s copper smelters was 76.97% in June, up merely 0.93 percentage point on the month, SMM’s most recent survey shows.
SMM surveyed 22 Chinese copper smelters in June, representing 6.89 million tpy in capacity.
Some smelters were still in maintenance cycles, while copper consumption waned during the low-demand season for downstream sectors, leaving small chance for any sharp rise in their utilization rate.
The average spot copper price slipped 2,514 yuan per tonne in June, also limiting any growth in production.
The slow rise in smelter utilization rate and low copper imports kept copper inventories down in June. SHFE reported a 38,000 tonne month-on-month fall in copper stocks in June. Nevertheless, the stubbornly high copper inventories in bonded areas may exert a drag on copper prices in the future.
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