Chinese copper cathode market moves slowly
2023-03-28 08:28:22 [Print]
BEIJING (Asian Metal) 28 Mar 23 - Given cautious purchase from downstream copper rod plants, Chinese copper cathode market moved slowly over the past several days. The prevailing Chinese copper cathode prices stood at the range of RMB69,200-69,400/t (USD10,028-10,057/t) delivered, almost unchanged from late last week. Insiders are of the opinion that the mainstream Chinese copper cathode prices would edge down in the forthcoming days given limited buying activities.
"I purchased about 200t of copper cathode today at RMB69,280/t (USD10,040/t) delivered steadily," said a copper consumer in North China, claiming that he locked about 200t late last week at RMB69,200/t (USD10,028/t). He noted that he used to purchase about 300t at least in the spot market before early February and minimized his purchase volume to 200t for slow demand. Taking weakening demand from downstream copper rod and pessimistic attitudes among consumers into consideration, he forecasts the mainstream Chinese copper cathode prices would move down by RMB500/t (USD72/t) in the coming days.
With an annual consumption volume for copper cathode of 300,000t, the consumer predicts to consume about 19,000t of the metal in March and purchased around 18,000t in February. He holds around 2,200t of stocks now, unchanged from late last month. He consumed about 260,000t of the metal in 2022 and predicts to consume about 58,500t of the metal in Q1 of 2023.
"To my disappointment, the demand for copper rod weakened since late January," said a copper cathode consumer in North China, claiming that he just locked about 160t of copper cathode at RMB69,200/t (USD10,289/t) delivered today and purchased about 100t late last week at RMB69,250/t (USD10,036/t). He just held hand-to-mouth purchase style and rejected to hold heavy stocks in hand. Considering limited buying activities among buyers, he predicts the mainstream Chinese copper cathode prices would go down by RMB600/t (USD86/t) in the forthcoming days.
The consumer, with an annual consumption volume of 240,000t, predicts to consume about 18,000t of copper cathode in March and used a similar volume in February. He holds about 2,100t of inventories presently, almost identical to late last month. He consumed about 220,000t of the metal in 2022 and predicts to consume around 56,000t in Q1 of 2023.
"I purchased about 200t of copper cathode today at RMB69,280/t (USD10,040/t) delivered steadily," said a copper consumer in North China, claiming that he locked about 200t late last week at RMB69,200/t (USD10,028/t). He noted that he used to purchase about 300t at least in the spot market before early February and minimized his purchase volume to 200t for slow demand. Taking weakening demand from downstream copper rod and pessimistic attitudes among consumers into consideration, he forecasts the mainstream Chinese copper cathode prices would move down by RMB500/t (USD72/t) in the coming days.
With an annual consumption volume for copper cathode of 300,000t, the consumer predicts to consume about 19,000t of the metal in March and purchased around 18,000t in February. He holds around 2,200t of stocks now, unchanged from late last month. He consumed about 260,000t of the metal in 2022 and predicts to consume about 58,500t of the metal in Q1 of 2023.
"To my disappointment, the demand for copper rod weakened since late January," said a copper cathode consumer in North China, claiming that he just locked about 160t of copper cathode at RMB69,200/t (USD10,289/t) delivered today and purchased about 100t late last week at RMB69,250/t (USD10,036/t). He just held hand-to-mouth purchase style and rejected to hold heavy stocks in hand. Considering limited buying activities among buyers, he predicts the mainstream Chinese copper cathode prices would go down by RMB600/t (USD86/t) in the forthcoming days.
The consumer, with an annual consumption volume of 240,000t, predicts to consume about 18,000t of copper cathode in March and used a similar volume in February. He holds about 2,100t of inventories presently, almost identical to late last month. He consumed about 220,000t of the metal in 2022 and predicts to consume around 56,000t in Q1 of 2023.
