Chinese copper cathode market sees limited buying activities
2023-04-19 08:29:47 [Print]
BEIJING (Asian Metal) 19 Apr 23 - Discouraged by slow demand from downstream copper rod market, Chinese copper cathode market witnessed slack movements over the past several days. The prevailing Chinese copper cathode prices stood at the range of RMB69,600-69,800/t (USD10,160-10,189/t) delivered, down by RMB300/t (USD43/t) from this Monday. Insiders are of the opinion that the mainstream Chinese copper cathode prices would edge down further in the coming days restricted by slack movements and rising intentions to promote sales from suppliers.
"I failed to fight for any deals at the price of RMB69,600/t (USD10,160/t) delivered today and my clients rejected to purchase it," said a copper cathode producer in North China, adding that he last sold about 100t of the metal this Monday at RMB69,900/t (USD10,204/t). He noted that he used to sell about 200t at least every other day, while more clients began to watch the spot market and he just carried out some signed long-term contracts. Considering rising intentions to promote sales, he anticipates the mainstream Chinese copper cathode prices would go down by another RMB300/t (USD43/t) in the next two days.
The producer, with an annual production capacity of 350,000t, the producer predicts to produce about 32,000t in April and produced about 32,000t in March. He holds about 1,500t of stocks now, while about 900t last month. He produced about 335,000t of the metal in 2022 and produced about 95,000t in Q1 of 2023.
"I quoted RMB69,500/t (USD10,145/t) delivered for copper cathode to my clients, only one client locked 60t at RMB69,500/t (USD10,145/t) at last," said a copper cathode producer in North China, noting that he used to sell about 100t at least to the client before early April. He last sold about 100t of the metal this Monday at RMB69,900/t (USD10,204/t) and noted that market movements slowed down when prices reached higher than RMB69,000/t (USD10,072/t). Considering slow buying activities from buyers and rising intentions from clients, he is of the opinion that the mainstream Chinese copper cathode prices would go down by another RMB500/t in the coming days.
With an annual production capacity of 100,000t, the producer predicts to produce about 9,000t in April and produced a similar volume in March. He holds 200t of inventories presently, unchanged from last month. He produced about 95,000t of the metal in 2022 and around 27,000t in Q1 of 2023.
"I failed to fight for any deals at the price of RMB69,600/t (USD10,160/t) delivered today and my clients rejected to purchase it," said a copper cathode producer in North China, adding that he last sold about 100t of the metal this Monday at RMB69,900/t (USD10,204/t). He noted that he used to sell about 200t at least every other day, while more clients began to watch the spot market and he just carried out some signed long-term contracts. Considering rising intentions to promote sales, he anticipates the mainstream Chinese copper cathode prices would go down by another RMB300/t (USD43/t) in the next two days.
The producer, with an annual production capacity of 350,000t, the producer predicts to produce about 32,000t in April and produced about 32,000t in March. He holds about 1,500t of stocks now, while about 900t last month. He produced about 335,000t of the metal in 2022 and produced about 95,000t in Q1 of 2023.
"I quoted RMB69,500/t (USD10,145/t) delivered for copper cathode to my clients, only one client locked 60t at RMB69,500/t (USD10,145/t) at last," said a copper cathode producer in North China, noting that he used to sell about 100t at least to the client before early April. He last sold about 100t of the metal this Monday at RMB69,900/t (USD10,204/t) and noted that market movements slowed down when prices reached higher than RMB69,000/t (USD10,072/t). Considering slow buying activities from buyers and rising intentions from clients, he is of the opinion that the mainstream Chinese copper cathode prices would go down by another RMB500/t in the coming days.
With an annual production capacity of 100,000t, the producer predicts to produce about 9,000t in April and produced a similar volume in March. He holds 200t of inventories presently, unchanged from last month. He produced about 95,000t of the metal in 2022 and around 27,000t in Q1 of 2023.
