Rising Copper Prices in February Led to Sufficient Copper Scrap Supply

[SMM Shanghai Spot Copper] Looking ahead to next week, spot premiums in the current Shanghai market have risen to near the year’s highs. As premiums have climbed rapidly for several consecutive sessions, downstream acceptance of high-priced cargo has declined somewhat, and the momentum for spot premiums to rise further is expected to weaken. In terms of supply, according to SMM, some non-registered copper that previously had delayed warehousing due to port congestion is expected to arrive at ports gradually next week, providing some replenishment to available cargo in the Shanghai market. Meanwhile, after the spot price spread between Shanghai and surrounding regions widened, the cross-regional arbitrage window has opened, and some out-of-town cargo is in a position to be transferred to Shanghai, which may marginally ease the tight supply pattern going forward. However, after entering September, a new round of procurement cycles is about to begin. Some downstream players and traders have restocking needs at the beginning of the month. Coupled with the fact that Shanghai market inventory and available cargo remain relatively tight, this provides support to spot premiums on the downside. Overall, with stronger expectations for replenishment from imports and cross-regional cargo, high premiums suppressing chase-buying demand, and early-month procurement demand about to be released, Shanghai spot copper prices against the 2609 contract are expected to remain at elevated premiums next week. There is limited room for the premium center to continue rising sharply, and a pull back slightly cannot be ruled out; overall, the market may consolidate at highs.

De acordo com o The Chosun Ilbo, impulsionadas pela recuperação do armazenamento de energia (ESS) na América do Norte e pela demanda europeia por veículos elétricos (EV), as taxas de utilização de capacidade no 2º trimestre das três principais empresas sul-coreanas de folha de cobre para baterias — SK Nexilis, Lotte Energy Materials e Solus Advanced Materials — se recuperaram de forma significativa, e a expansão do volume de pedidos ajudou a melhorar a rentabilidade. A taxa de utilização de capacidade da SK Nexilis subiu de 69,6% no 1º trimestre para 75,7% no 2º trimestre, com as vendas trimestrais atingindo um recorde de 254,0 bilhões de won; a taxa de utilização da Lotte Energy Materials aumentou de 66,6% para 72,1%, com vendas no 2º trimestre de 19,42 bilhões de won, alta de 21% em relação ao mês anterior; a taxa de utilização da fábrica da Solus Advanced Materials na Hungria cresceu de 47% para 67%, e seu segmento de folha de cobre registrou vendas no 2º trimestre de 7,5 bilhões de won, alta de 22% em relação ao mês anterior. As três produtoras de folha de cobre esperavam que as taxas de operação das fábricas aumentassem ainda mais no segundo semestre. Sob as restrições da política AMPC dos EUA, os pedidos de exportação continuaram a migrar para empresas sul-coreanas, e a Coreia do Sul se tornou a única região fora da China com capacidade de produção em larga escala de folha de cobre para baterias