SMM reported that RCs of domestic blister copper stood at 1,200-1,400 yuan/mt in April 2023, a drop of 50 yuan/mt from the previous month. RCs of imported blister copper were quoted at $105-125/mt cif, flat from March. In terms of different regions, RCs of blister copper in south China dipped 50 yuan/mt to 1,200-1,400 yuan/mt, and those in north China stood at 1,100-1,200 yuan/mt, flat from March.
Stronger demand from smelters that undertook maintenance accounted for the drop in RCs of blister copper in south China. Copper prices fell at the end of April, narrowing the price difference between copper cathode and copper scrap. This resulted less supply of copper scrap. As such, blister copper supply in south China is expected to tighten in May, and this will lower RCs.
Some smelters in north China will also undertake maintenance soon. Aggressive stockpiling by local smelters tightened the blister copper supply in north China. But RCs in north China did not fall on the back of steady supplies under long-term contracts and stable cooperation between market participants.
In terms of imported blister copper, transactions were quiet and mainly occurred under long-term contracts.
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