Chinese copper rod market moves slowly
2023-04-13 08:09:20 [Print]
BEIJING (Asian Metal) 13 Apr 23 - Restricted by slow demand from downstream cable plants, Chinese copper rod market moved slowly. The prevailing TCs for copper rod hovered at the present RMB550-650/t (USD79-94/t) delivered, down by RMB10/t (USD1/t) from late last week. Considering continuous slack movements among downstream cable plants and strong intentions to compete for deals from suppliers, insiders forecast the mainstream TCs for copper rod would edge down in the coming days and market movements would stay slack.
"I visited several of my main clients and all of them reduced their output by 30% at least in April and the consumption volume for copper rod also decreased by 30% this month, and we suffered pressure on selling," said a copper rod producer in South China, noting that his stocks increased to the present 1,500t and he lowered his TCs to the present RMB580/t (USD84/t) delivered with any orders more than 100t. He last sold about 200t early this week at RMB590/t (USD85/t). Taking continuous cautious purchase from buyers and rising intentions to promote sales among copper rod suppliers into consideration, he forecasts the mainstream TCs for copper rod would move down further by RMB10/t (USD1/t) in the forthcoming days.
With an annual production capacity of 340,000t, the producer predicts to produce about 11,000t in April and produced about 12,000t in March. His stocks increased to the current 1,500t, while about 1,200t late last month. He produced about 150,000t of the metal in 2022 and produced about 35,000t in Q1 of 2023.
"Actually, Chinese copper rod market trapped into a slack state for lack of deals," said a copper rod producer in South China, adding that his output in April would move down to 9,000t, while about 12,000t in March. In order to compete for deals, he moved down his TCs for copper rod to the current RMB600/t (USD86/t) delivered and he last sold about 100t this Monday at RMB610/t (USD88/t). Restricted by weakening demand and rising intentions to compete for deals from suppliers, he forecasts the mainstream TCs for copper rod would decrease by RMB10/t (USD1/t) in the coming days and market movements would stay slack.
The producer, with an annual production capacity of 225,000t, predicts to produce about 9,000t in April and produced about 12,000t in March. He holds about 1,800t of stocks now, while about 1,300t late last month. He produced about 135,000t in 2022 and produced around 33,000t in Q1 of 2023.
"I visited several of my main clients and all of them reduced their output by 30% at least in April and the consumption volume for copper rod also decreased by 30% this month, and we suffered pressure on selling," said a copper rod producer in South China, noting that his stocks increased to the present 1,500t and he lowered his TCs to the present RMB580/t (USD84/t) delivered with any orders more than 100t. He last sold about 200t early this week at RMB590/t (USD85/t). Taking continuous cautious purchase from buyers and rising intentions to promote sales among copper rod suppliers into consideration, he forecasts the mainstream TCs for copper rod would move down further by RMB10/t (USD1/t) in the forthcoming days.
With an annual production capacity of 340,000t, the producer predicts to produce about 11,000t in April and produced about 12,000t in March. His stocks increased to the current 1,500t, while about 1,200t late last month. He produced about 150,000t of the metal in 2022 and produced about 35,000t in Q1 of 2023.
"Actually, Chinese copper rod market trapped into a slack state for lack of deals," said a copper rod producer in South China, adding that his output in April would move down to 9,000t, while about 12,000t in March. In order to compete for deals, he moved down his TCs for copper rod to the current RMB600/t (USD86/t) delivered and he last sold about 100t this Monday at RMB610/t (USD88/t). Restricted by weakening demand and rising intentions to compete for deals from suppliers, he forecasts the mainstream TCs for copper rod would decrease by RMB10/t (USD1/t) in the coming days and market movements would stay slack.
The producer, with an annual production capacity of 225,000t, predicts to produce about 9,000t in April and produced about 12,000t in March. He holds about 1,800t of stocks now, while about 1,300t late last month. He produced about 135,000t in 2022 and produced around 33,000t in Q1 of 2023.
