Copper Billet Plants Expect Orders to Fall Sharply In May Due to Lack of Market Confidence

SMM understood that some copper billet companies said that the orders showed a short-term upward trend after the Labour Day holidays, but soon returned to the normal level. It is expected that this increased orders will not increase the overall output in May. At present, most copper billet companies are worried about domestic and overseas demand. The third bank failure in the United States and the US debt ceiling issue have made the US financial market more volatile. US manufacturing companies are also under greater pressure due to high interest rates. Some companies went bankrupt and defaulted.

Domestic terminal companies are worried about the risk of default, and their export volume has been greatly reduced. Copper billet companies in Guangdong have thus also been affected and are unlikely to recover in the short term. The performance of domestic demand is not optimistic. Due to the lack of consumption, end-user enterprises are more cautious in purchasing and lowering capital costs. Most copper billet enterprises said that the orders in May will continue to decline. To sum up, copper billet plants expect orders to fall sharply in May due to the lack of market confidence. And demand can hardly pick up in the second quarter.

The average operating rate is estimated at 69.15% in May, down 0.7 percentage point month on month but up 10.02 percentage points year on year.

More popular news:

'Bond King' Jeffrey Gundlach Says Sharp Fed Rate Cuts By Year-End Will Push Up Gold Prices

Rio Tinto Warns of Risks for Paying High Premiums for Lithium Mines after Plunging Lithium Prices Triggered Acquisition Rush

Citigroup Warns European Commercial Real Estate Values Will Plummet 40%, But Sees Medium-Term Opportunity

IMF: US Debt Defaults Will Take a Heavy Toll on Global Economy, Global GDP Growth Can Plunge

Goldman Sachs Warns of Serious Risks US Dollar Will Lose Reserve Currency Status on Debt Ceiling Standoff

Goldman Sachs Sees European Gas Prices Tripling, Gives Price Forecast in H2 2023

BofA Sharply Lowers Forecast for Oil Price, Global Oil Consumption in 2023

UBS Raises China GDP Growth Forecast, Sees Earnings from China Stock Market Soaring, RMB Appreciating

Global Aluminium Inventory to Plunge Further amid Supply Headwinds, LME Aluminium Prices to React Fast

Takeaways of Warren Buffett and Berkshire Hathaway’s 2023 Annual Meeting

High Lithium Ore Prices in Australia will Drive Lithium Prices Rebound, Reasons Prevent Output to Grow

Sharp Output Cuts Led to Lithium Ore Shortages, High Import Prices Drove Lithium Salt Producers to Shut Down

US Treasury Bill Rates Soar to Record High on Debt Ceiling Jitters

Russia is Accelerating Technology to Become Top Liquefied Natural Gas Supplier by Tripling Exports By 2030

No Other Country can Replace China's Manufacturing Industry Including India

Global Manufacturing PMI in April Points to Greater Downward Pressure on Global Economy

SMM Daily Comments (May 5): LME Base Metals Rose across the Board, SHFE Nickel Plunged

SMM Daily Comments (May 9): Most LME Base Metals Closed Lower, SHFE Nickel Prices Plunge, Ferrous Metals Mostly Rose

SMM Daily Comments (May 12): SHFE Base Metals and Silver Prices Crashed, Most LME Base Metals Prices Went Down, Oil Posted 3-Day Losing Streak

A Bull Gold Market Has Just Begun 

Fitch Ratings Raises Saudi Arabia IDR, Says World Bank Reason and High Dependence on Oil Remain a Weakness for the Country's Rating

Copper Shortage Is Irreparable Even after Biggest Mergers and Acquisitions, Here’s Why

Buffett Talks about Banking Crisis and Bank Stocks He Bought, Munger Warned Commercial Real Estate: the City Will Be Seriously Hollowed Out