China's Copper Cathode Production Rose Again in December

Published: Nov 28, 2025 22:23

Source: SMM

Save

China's copper cathode output in November rose by 11,500 mt, up 1.05% MoM and 9.75% YoY. The cumulative output from January to November increased by 1.2894 million mt, up 11.76% YoY.

November's output slightly exceeded expectations, as blister copper supply was relatively ample and the impact from maintenance at some smelters was lower than anticipated. The actual impact from maintenance in November was 42,200 mt, 5,800 mt lower than the expected 48,000 mt.

The operating rate for the copper cathode industry sample in November was 82.29%, up 0.64 percentage points MoM. Among them, the operating rate for large smelters was 84.06%, up 0.45 percentage points MoM; for medium-sized smelters, it was 81.75%, up 1.49 percentage points MoM; and for small smelters, it was 66.11%, down 0.44 percentage points MoM. The operating rate for smelters using copper concentrates was 86.2%, up 0.8 percentage points MoM, while the operating rate for smelters primarily using copper scrap or copper anode remained unchanged at 63.3% MoM. Entering December, based on SMM's market communication, four smelters underwent maintenance, involving 750,000 mt of primary smelting capacity and 750,000 mt of refining capacity, with an expected impact of 5,000 mt. A smelter originally scheduled to cut production in November delayed maintenance again due to high sulfuric acid profits and export demand, with the impact expected to materialize in January.

SMM expects China's copper cathode output in December to increase by 65,700 mt, up 5.96% MoM and 6.69% YoY. The cumulative output from January to December is projected to rise by 1.3627 million mt, up 11.30% YoY. December's output is expected to reach another high due to extended statistical cycles at some smelters and the full recovery of earlier maintenance impacts.

COOPER

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Zambia to Reopen Key DRC Mineral Export Route After Rain Damage Disrupted Transport

Zambia’s Minister of Infrastructure said the main corridor for the DRC’s exports of copper, cobalt, and other minerals was expected to reopen after transport was disrupted by road damage.The DRC is Africa’s largest copper producer and the world’s second-largest copper producer by production. The DRC is also the world’s leading supplier of cobalt, with cobalt production accounting for more than 70% of global production, and most cobalt is exported together with other critical battery minerals.Kasumbalesa is the busiest transit point for the DRC’s metal cargo (mainly bound for China and the US). On Sunday, traffic at the crossing was suspended after heavy rains washed away parts of the road.So far, no mining company has reported that shipments of copper or cobalt have been impeded.

4 hours ago

Capstone Copper said on Monday that its Q4 revenue hit a record high, exceeding analysts’ expectations

Capstone Copper said on Monday that its Q4 revenue hit a record high, exceeding analysts’ expectations.The company’s adjusted Q4 earnings before interest, taxes, depreciation, and amortization (EBITDA) fell short of analysts’ expectations, despite record copper production.The company’s Q4 2025 copper production reached a record high, driven by improved operations at the Mantoverde and Mantos Blancos mines.Capstone Copper expects 2026 copper production to be 200,000-230,000 mt. It expects 2026 C1 cash cost to be $2.45-2.75 per pound.

4 hours ago

Drone Attack on US Embassy in Riyadh; Israel Strikes Tehran and Beirut, Trump Promises Response Measures

The US Embassy in Riyadh, Saudi Arabia, was attacked by a drone on the 3rd local time, causing a fire and partial damage to the building. Meanwhile, the Israeli military announced that it was simultaneously carrying out airstrikes on Tehran, the capital of Iran, and Beirut, the capital of Lebanon, further escalating the intensity of the conflict in the Middle East. In response to the embassy attack, US President Trump said Washington would announce response measures “soon,” and revised his remarks to say that “there is no need to deploy ground troops.” On the same day, Trump claimed on social media that the US has “almost unlimited” ammunition reserves, and that “with these reserves alone, we can keep fighting forever and win very beautifully.”

4 hours ago