China Refined Copper Output Misses Forecast in October, and Production to Grow in November, SMM Predicts 

SHANGHAI, Nov. 7 (SMM) – China’s refined copper output was 659,000 tonnes in October, up 1.38% MoM and 2.17% YoY, SMM survey finds. 
According to SMM, YTD output from January to October was 6.43 million tonnes in China, up 5.36% YoY. 

China’s output of refined copper in October was below SMM estimate’s 668,000 tonnes, and this is mainly because production resumption at smelters, which suspended production previously, was not as good as expected. Moreover, unit maintenance at Jiangxi Copper, Jinchuan Group (headquarter) and Yantai Guorun Copper Industry also negatively affected October’s production. 

In November, SMM expects China’s refined copper output to grow to 669,000 tonnes, with YTD output up 5.21% YoY. The monthly output increase will come mainly from gradual production restart after completion of unit maintenance and higher utilization rate at new capacities. Besides, spot TCs for copper concentrate are now mainly between $100-105 per tonne, and processing fees are 1,500 yuan per tonne for blister copper. Both of the two will encourage production enthusiasm at domestic copper smelters, especially large producers, which have annual production targets.   

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