Chinese copper rod market sees limited buying activities
2023-03-17 07:49:45 [Print]
BEIJING (Asian Metal) 17 Mar 23 - Discouraged by slow demand from downstream cable plants and pessimistic attitudes towards trend from buyers, Chinese copper rod market saw slack movements over the past several days. The mainstream TCs for copper rod stood at the range of RMB620-680/t (USD89-98/t) delivered, almost identical to early this week. Insiders are of the opinion that the mainstream TCs for Chinese copper rod would stay weakly stable in the coming days.
"Actually, most of my downstream cable plants only ran 60% operation rate now, while about 80% at least YoY," said a copper rod producer in North China, adding that he failed to close a deal of 200t with the TCs for RMB630/t (USD91/t) delivered and only finalized about 100t at this level at last. He last sold about 100t early this week with the TCs of RMB630/t (USD91/t) and his output in March only could reach about 12,000t, while around 15,000t YoY. Taking slow demand from buyers into consideration, he forecasts the mainstream TCs for copper rod would stay weakly stable in the coming days.
The producer, with an annual production capacity of 250,000t, predicts to produce about 12,000t of copper rod in March and produced about 8,000t of the metal in February. He holds about 1,500t of stocks now, unchanged from late last month. He produced about 180,000t of the metal in 2022 and predicts to produce about 31,000t of the metal in Q1 of 2023.
"Due to downward copper cathode prices and slack demand from downstream cable plants, I failed to close any deals for copper rod with the TCs of RMB620/t (USD89/t) delivered today," said a copper rod producer in South China, adding that the current market state disappointed him and he failed to fight for any deals. He last sold about 200t of the metal early this week with the TCs for RMB620/t (USD89/t) and just receive two or three inquiries since then. Given slow movements, he anticipates the mainstream TCs for Chinese copper rod would stay weakly stable and market movements couldn't pick up in a short time.
With an annual production capacity of 225,000t, the producer predicts to produce about 14,000t of the metal in March and produced around 9,000t in February. He holds around 2,200t of the metal in 2022 and predicts to produce about 32,000t of the metal in Q1 of 2023.
"Actually, most of my downstream cable plants only ran 60% operation rate now, while about 80% at least YoY," said a copper rod producer in North China, adding that he failed to close a deal of 200t with the TCs for RMB630/t (USD91/t) delivered and only finalized about 100t at this level at last. He last sold about 100t early this week with the TCs of RMB630/t (USD91/t) and his output in March only could reach about 12,000t, while around 15,000t YoY. Taking slow demand from buyers into consideration, he forecasts the mainstream TCs for copper rod would stay weakly stable in the coming days.
The producer, with an annual production capacity of 250,000t, predicts to produce about 12,000t of copper rod in March and produced about 8,000t of the metal in February. He holds about 1,500t of stocks now, unchanged from late last month. He produced about 180,000t of the metal in 2022 and predicts to produce about 31,000t of the metal in Q1 of 2023.
"Due to downward copper cathode prices and slack demand from downstream cable plants, I failed to close any deals for copper rod with the TCs of RMB620/t (USD89/t) delivered today," said a copper rod producer in South China, adding that the current market state disappointed him and he failed to fight for any deals. He last sold about 200t of the metal early this week with the TCs for RMB620/t (USD89/t) and just receive two or three inquiries since then. Given slow movements, he anticipates the mainstream TCs for Chinese copper rod would stay weakly stable and market movements couldn't pick up in a short time.
With an annual production capacity of 225,000t, the producer predicts to produce about 14,000t of the metal in March and produced around 9,000t in February. He holds around 2,200t of the metal in 2022 and predicts to produce about 32,000t of the metal in Q1 of 2023.
