In October, China's copper semis production declined as expected, with a forecasted MoM increase in November [SMM Analysis]

According to the latest data from the NBS, China's copper semis production in October 2024 was 1.9664 million mt, down 2.3% MoM.

China's copper processing industry continues to develop in regional clusters. In October, the top five provinces in copper semis production were Jiangxi, Zhejiang, Jiangsu, Guangdong, and Anhui, accounting for 25.7%, 13.8%, 13.3%, 10.5%, and 7.1% of the total production, respectively. These five provinces collectively accounted for 70.5% of the total copper semis production.

Specifically, due to the National Day holiday and high copper prices, China's copper semis production in October decreased by 2.3% MoM, from 2.0127 million mt in September to 1.9664 million mt. By province, several provinces and cities saw a decline in copper semis production in October, with Tianjin, Gansu, Zhejiang, and Guangdong experiencing declines of over 10%, with specific outputs of 48,600 mt, 57,300 mt, 271,700 mt, and 206,200 mt, respectively. Additionally, Hunan's copper semis production in October was 58,000 mt, up 61.11% MoM.

SMM has been closely monitoring the consumption dynamics of the copper semis market and the operating rates of enterprises. Recent surveys indicate that copper prices significantly dropped in November, leading to a noticeable increase in downstream orders for copper semis. SMM data shows that the operating rates in related copper industries such as wire and cable, enamelled wire, copper cathode rod, and copper pipe & tube performed well. It is expected that China's copper semis production will increase MoM in November.