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Copper Concentrates:
According to the National Bureau of Statistics of China (NBS), China's output of copper concentrate was 83.2 kt in April, up 8.9% YoY, and 4% MoM. YTD output was 285.7 kt, up 9.5% YoY. Domestic copper smelters raised output as copper prices rose during March and April, and as downstream demand improved. This improved downstream demand stimulated demand for raw materials, with China's output of copper concentrate increasing as a result.
Refined Copper:
According to NBS, China's output of refined copper was 338.3 kt in April, up 2.90% YoY, and up 5.91% MoM. YTD output was 1.26 million mt, up 6.7% YoY. Supply of scrap copper also increased during April. The high SHFE/LME copper price ratio during March and April created incentives for importing copper concentrate, and the output of domestic copper grew along with the increasing supply of raw materials.
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