Chinese copper cathode market sees rare deals
2023-03-09 08:31:03 [Print]
BEIJING (Asian Metal) 9 Mar 23 - Discouraged by slow demand from downstream copper rod market, Chinese copper cathode market moved slowly over the past several days. In order to compete for deals, suppliers could accept price cuts from buyers. The mainstream copper cathode prices decreased to the present RMB68,800-69,000/t (USD9,971-10,000/t) delivered, down by RMB600/t (USD86/t) from this Tuesday. Insiders are of the opinion that the mainstream Chinese copper cathode prices would edge down given limited buying activities.
"I just sold around 100t of copper cathode today at RMB68,900/t (USD9,985/t) delivered and failed to fight for more deals since then," said a copper cathode producer in North China, adding that cold responses from downstream copper rod market and his stocks even increased to the present 500t. He last sold about 60t of the metal this Tuesday at RMB69,500/t (USD10,072/t), while he used to sell about 200t a day before early March. Given slack movements from buyers and increasing intentions to promote sales from suppliers, he forecasts the mainstream Chinese copper cathode prices would edge down by RMB300/t (USD43/t) in the coming days.
With an annual production capacity of 120,000t, the producer predicts to produce about 10,000t of copper cathode in March and produced the same volume in February. He holds about 500t of stocks now, while no stock late last month. He predicts to produce about 30,000t of the metal in Q1 of 2023 and produced about 110,000t of the metal in 2022.
"We just experienced a harsh period and only sold 30t of copper cathode today at RMB68,800/t (USD9,971/t) delivered," said a copper cathode producer in North China, noting that he also sold about 20t of the material at RMB69,500/t (USD1,007/t) early this week. On account of cautious purchase from buyers and increasing intentions to promote sales from suppliers, he believes the mainstream Chinese copper cathode prices would decrease by RMB200/t (USD28/t) in the forthcoming days.
The producer, with an annual production capacity of 15,000t, predicts to produce about 300t of the metal in March and produced a similar volume in February. He holds around 50t of stocks now, while no stocks late last month. He produced about 4,800t of the metal in 2022 and predicts to produce about 900t in Q1 of 2023.
"I just sold around 100t of copper cathode today at RMB68,900/t (USD9,985/t) delivered and failed to fight for more deals since then," said a copper cathode producer in North China, adding that cold responses from downstream copper rod market and his stocks even increased to the present 500t. He last sold about 60t of the metal this Tuesday at RMB69,500/t (USD10,072/t), while he used to sell about 200t a day before early March. Given slack movements from buyers and increasing intentions to promote sales from suppliers, he forecasts the mainstream Chinese copper cathode prices would edge down by RMB300/t (USD43/t) in the coming days.
With an annual production capacity of 120,000t, the producer predicts to produce about 10,000t of copper cathode in March and produced the same volume in February. He holds about 500t of stocks now, while no stock late last month. He predicts to produce about 30,000t of the metal in Q1 of 2023 and produced about 110,000t of the metal in 2022.
"We just experienced a harsh period and only sold 30t of copper cathode today at RMB68,800/t (USD9,971/t) delivered," said a copper cathode producer in North China, noting that he also sold about 20t of the material at RMB69,500/t (USD1,007/t) early this week. On account of cautious purchase from buyers and increasing intentions to promote sales from suppliers, he believes the mainstream Chinese copper cathode prices would decrease by RMB200/t (USD28/t) in the forthcoming days.
The producer, with an annual production capacity of 15,000t, predicts to produce about 300t of the metal in March and produced a similar volume in February. He holds around 50t of stocks now, while no stocks late last month. He produced about 4,800t of the metal in 2022 and predicts to produce about 900t in Q1 of 2023.
