China Imported 410,500 mt of Unwrought Copper and Copper Semis In October

China copper semis output stood at 1.63 million mt in January, down 21.1% month-on-month (MoM) and up 6.13% year-on-year (YoY), according to SMM research.

According to an SMM survey, the copper semis processing plants currently under construction will increase capacity by 1.493 million mt, including 920,000 mt of copper rod capacity, 348,000 mt of copper foil capacity and 225,000 mt of other copper semis capacity.

China has begun to implement power rationing since late September, which lasted until early November. The prices of electricity and natural gas in various provinces have risen to varying degrees since mid-October amid tight energy supply.

Copper semis processing enterprises across Jiangsu, Guangdong, Anhui and Guangxi have been significantly affected by the power rationing implemented in late September driven by the dual control policy on national energy consumption amid intensified contradiction between the supply and demand of electricity and coal.

This is a roundup of China's metals weekly inventory as of September 10.

Shanghai base metals all cruised higher on Friday morning as European Central Bank kept interest rate unchanged and US dollar weakened. Meanwhile, their counterparts on LME traded mixed.

China's import volume of unwrought copper and copper semis in August were 393,900 mt, a year-on-year decrease of 41.07%, and a month-on-month decrease of 7.2%. The imports from January to August were 3.61 million mt, a year-on-year decrease of 15.4%.

As of Monday August 23, copper inventory across major Chinese markets fell 7,800 mt from last Friday to 143,000 mt.

Shanghai base metals all went down on Friday night following the record low of the US weekly initial jobless claims. Meanwhile, their counterparts on LME basically went up.

Shanghai base metals trended higher on Wednesday morning after US Senate passed the $1 trillion infrastructure bill. Meanwhile, their counterparts on LME mostly fell.