China Copper Cathode Output Maintains Growth in April, SMM Reports

SHANGHAI, May 9 (SMM) - China’s copper cathode output was 646,000 tonnes in April 2017, up 0.62% from March and up 0.31% on a yearly basis, according to SMM data. Output in the first four months of the year totaled 2.5535 million tonnes, with growth down to 1.65% on a yearly basis.

China’s copper cathode output maintained slow growth in April because of maintenance at smelters. Copper cathode output affected by maintenance increased to 196,000 tonnes so far in 2017, SMM statistics show, compared to 120,000 tonnes in the same period of last year.

World visible inventories and China’s bonded zone copper inventories are still high. Meanwhile, the low-demand season for copper will set in. most of new and expanded capacities at Chinese copper smelters are expected to come online in the second half of the year. Besides, smelters will mostly step up production in June after maintenance cycle. In this scenario, copper supply pressure will increase in the foreseeable future.

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Some Chinese copper smelters will undertake maintenance in May, which will affect their output, including Jinchuan Group, Zhongtiaoshan Non-ferrous Metals Group, Xiangguang Copper, Yunnan Tin and Jinlong Copper.

According to production plan, SMM expects China’s copper cathode production to slide further to 627,000 tonnes in May, a drop of 3.24% year-on-year. Growth of output in the first five months of 2017 will slow to 0.65%.

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