Global Copper Cathode Production Is Expected to Polarize [SMM Analysis]

》View SMM Copper Prices, Data, and Market Analysis

》Subscribe to View SMM Historical Spot Metal Prices

       The topic of production cuts at global copper smelters has remained a hot issue. Since the end of 2023, some small and medium-sized smelters have implemented disguised production cuts by reducing copper concentrate feeding efficiency, shutting down production lines, lowering the grade of copper concentrates fed into furnaces, and increasing the proportion of copper-containing materials in the feed.

       Currently, the overall copper cathode production in China and other countries is expected to polarize. In China, copper cathode production has been steadily increasing, with monthly production exceeding 1 million mt. In February, SMM China's copper cathode production reached 1.0582 million mt, up 44,400 mt (4.38% MoM) and up 11.35% YoY, exceeding the expected 1.0554 million mt by 2,800 mt. March domestic copper cathode production is expected to reach 1.1002 million mt, up 42,000 mt (3.97% MoM) and up 100,700 mt (10.08% YoY). In other countries, the disruption rate of copper cathode production is expected to increase gradually, with incidents such as the shutdown of the refining system at the Philippines' Parsa smelter, nationwide power outages in Chile affecting copper cathode production, delays in copper cathode output at Indonesia's Manyar smelter, and escalating conflicts in the DRC adding uncertainty to copper cathode production.

》Click to View the SMM Copper Industry Chain Database