China Copper Cathode Output Goes Up in March, and to Decline in April, SMM Surveys

SHANGHAI, Apr. 10 (SMM) - China’s copper cathode output expanded 1.18% MoM to 642,000 tonnes in March but dropped 0.47% YoY and that totaled at 1.91 million tonnes in the first three months of 2017, up 2.11% YoY, according to SMM’s survey.

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On a monthly basis, Ningbo Shimao Copper Industry resumed 100,000 tonnes of copper cathode capacity, growing copper cathode output in March. Moreover, Shandong Xianghui Copper Industry put 100,000 tonnes of copper cathode capacity into operation in the month but contributed limited output due to tight copper scrap supply. SMM learned that China’s copper cathode output declined 170,000 tonnes in the first half of 2017 due to maintenance at smelters, which was higher than last year’s 120,000 tonnes. Besides, Copper smelters mainly overhauled in March and April last year and the closures was lower than 2017’s level, leading to negative growth in copper cathode output in March on a yearly basis. A series of copper smelters are expected to have maintenance in Mar-Apr. 2017, including Jinguan Copper, Henan Yuguang Gold & Lead, Zhangjiagang United Copper, Dongying Fangyuan Nonferrous Metals, Yanggu Xiangguang Copper, Henan Zhongyuan Gold Smelter and Chifeng Gold Sword Cupreous Industry. Domestic copper smelters plan to start maintenance but not because of tight raw material supply resulted by closed overseas mines, SMM learned.

SMM expects copper cathode output to decline 0.47% YoY to 641,000 tonnes in April due to maintenance at copper smelters and output growth will keep falling to 1.45% YoY in Jan.-Apr. 2017.

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