SHANGHAI, Jul 6 (SMM) – In June, SMM RCs of domestic blister copper were 800-1,200 yuan/mt, with the average down 200 yuan/mt MoM to 1,000 yuan/mt; RCs of imported blister copper were $100-110/mt, with the average down $5/mt MoM to $105/mt. RCs of blister copper in south China were 800-900 yuan/mt, with the average down 350 yuan/mt MoM to 850 yuan/mt, compared to 1,000-1,200 yuan/mt in north China, with the average down 50 yuan/mt MoM to 1,100 yuan/mt.
In June, the RCs of blister copper in south China fell below 1,000 yuan/mt. This was mainly due to falling supply of blister copper produced with copper scrap and growing demand. The price difference between copper cathode and copper scrap shrank as copper prices kept falling from late April to May. This left copper scrap suppliers reluctant to sell, thereby reducing raw material supply to blister copper smelters. Copper anode stocks dwindled as its demand picked up after copper cathode capacity maintenance came to an end. The saturation of sulphuric acid storage capacity forced copper cathode smelters to use copper anode as raw materials instead. Following the decline in RCs in south China, RCs in north China also decreased, albeit slightly.
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