An SMM survey showed that China produced 798,300 mt of copper cathode in January, falling 7.39% from December, but rising 9.97% from a year ago.

An SMM survey showed that China produced 798,300 mt of copper cathode in January, falling 7.39% from December, but rising 9.97% from a year ago.

China’s NPI output rose 3.27% from December to 38,600 mt Ni in January. This included 31,600 mt Ni of high-grade NPI, up 5.74% on the month, and 7,000 mt Ni of low-grade NPI, down 6.58% month on month.

SMM survey showed that China produced 862,000 mt of copper cathode in December, rising 4.9% from November, and 7.01% from a year ago. China’s copper cathode output totalled 9.3 million mt in 2020, up 3.97% from 2019.

China’s NPI output shrank 12.5% from November to 37,300 mt Ni in December. This included 29,800 mt Ni of high-grade NPI, down 15.1% on the month, and 7,500 mt Ni of low-grade NPI, down 0.8% month on month.

Pure nickel traders have closed their accounts last week. As prices of SHFE nickel continued to fall after speculative funds left the market, some buyers entered the market. Limited quotes combined with scarce available cargoes bolstered spot prices.

China’s NPI output shrank 2.2% from October to 42,700 mt Ni in November.

China’s refined nickel output rose 11.56% or 1,416 mt from October, but shrank 2.73% from a year earlier, to 13,700 mt in November.

Many alloy producers have operated at full capacity since August because of good situation on new orders. New orders are likely to be stable as demand from the infrastructure sector will extend.

China’s copper cathode output increased month on month in October, as there was basically no maintenance at smelters and as large-scale smelters maintained high production in Q4. Although domestic copper scrap was in short supply in October, smelters kept relatively ample stocks of blister copper. Furthermore, as the new secondary copper policy took effect from November 1, concerns over copper scrap supply were eased.