[Cu] China's Output of Refined Copper, Copper Concentrate Sets New Highs in September

SHANGHAI, Oct. 23 (SMM) -- China's output of refined copper and copper concentrate set new highs, and output of copper semis remained high during September.

    China's output of refined copper was 394.8kt during September, up 20.5% YoY, and up 8.2% MoM. The YTD output was 3.1 million mt, up 8.2% YoY.

    Refined copper output in September continued to increase significantly from August levels, setting a record high for 2009, which is in line with the result of SMM surveys that operating rates at copper smelters grew by 8% in August and by 5% in September. According to a SMM survey in September, large copper smelters are operating almost at full capacity currently, and the increase in scrap copper supply also helped increase the operating rate at limited domestic smelters with scrap copper as raw materials in September. China's output of refined copper will remain in 4Q.

    China's output of copper concentrate was 99kt during September, hitting a record high, and up 10.9% YoY. The YTD output was 740.4kt, up 6.0% YoY. Copper price increases and low TC/RC of imported copper concentrate stimulated the domestic output of copper concentrate, and China's output of copper concentrate are expected to remain high during October.

    China's output of copper semis was 869.3kt during September, up 34.3% YoY, and up 2.2% MoM. The YTD output was 6.97 million mt, up 18.4% YoY. China's output of copper semis was 2.5 million mt during the first three quarters, up 30.3% YoY, and the significant growth in copper semis output helps drive up Chinese copper demand sharply. 

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