Chinese copper cathode market sees limited buying activities
2024-03-13 08:33:42 [Print]
BEIJING (Asian Metal) 13 Mar 24 - The prevailing Chinese copper cathode prices increased slightly to the present RMB69,600-69,800/t (USD9,666-9,694/t) delivered, an increase of RMB200/t (USD28/t) from this Monday. Nevertheless, restricted by slow demand from downstream copper rod plants, Chinese copper cathode market saw limited buying activities. Insiders forecast that the mainstream prices for copper cathode would edge down restricted by slow movements in the following two days.
"The most competitive offer for copper cathode we received increased to the present RMB69,600/t (USD9,666/t) delivered, and I just purchased 200t today for lack of deals," said a copper cathode consumer in North China, adding that he used to purchase about 400t a day before the Spring Festival holiday and kept buying the minimum volume after the holiday. He last bought 200t this Monday at RMB69,400/t (USD9,638/t) cautiously and complained slow demand from downstream copper rod market. He predicts that the mainstream Chinese copper cathode prices would edge down by RMB300/t (USD41/t) in the coming two days given scarce deals.
The consumer, with an annual consumption volume of 150,000t, predicts to consume about 8,000t of copper cathode in March and used about 5,000t in February. He holds around 1,000t of stocks now, unchanged from late last month. He consumed about 120,000t of the material in 2023 and predicts to consume around 26,000t of the metal in Q1 of 2024.
"I predict to consume about 26,000t of copper cathode in March, while only 23,000t at most according to the market demand this month," said a copper cathode consumer in North China, adding that he just purchased 300t of the material at RMB69,600/t (USD9,666/t) delivered today and bought around a similar volume this Monday at RMB69,300/t (USD9,625/t). He added that his daily purchase volume could reach about 700tpd before early February. Discouraged by slow demand from downstream cable plants and cautious purchase from copper rod plants, he anticipates that the mainstream Chinese copper cathode prices would edge down by RMB200/t (USD28/t) in the next two days.
The consumer, with an annual consumption volume of 360,000t, predicts to consume about 23,000t of the metal in March and consumed about 15,000t of the material in February. He holds about 1,500t of stocks now, unchanged from late last month. He consumed about 280,000t of the metal in 2023 and predicts to consume about 65,000t of the metal in Q1 of 2024.
"The most competitive offer for copper cathode we received increased to the present RMB69,600/t (USD9,666/t) delivered, and I just purchased 200t today for lack of deals," said a copper cathode consumer in North China, adding that he used to purchase about 400t a day before the Spring Festival holiday and kept buying the minimum volume after the holiday. He last bought 200t this Monday at RMB69,400/t (USD9,638/t) cautiously and complained slow demand from downstream copper rod market. He predicts that the mainstream Chinese copper cathode prices would edge down by RMB300/t (USD41/t) in the coming two days given scarce deals.
The consumer, with an annual consumption volume of 150,000t, predicts to consume about 8,000t of copper cathode in March and used about 5,000t in February. He holds around 1,000t of stocks now, unchanged from late last month. He consumed about 120,000t of the material in 2023 and predicts to consume around 26,000t of the metal in Q1 of 2024.
"I predict to consume about 26,000t of copper cathode in March, while only 23,000t at most according to the market demand this month," said a copper cathode consumer in North China, adding that he just purchased 300t of the material at RMB69,600/t (USD9,666/t) delivered today and bought around a similar volume this Monday at RMB69,300/t (USD9,625/t). He added that his daily purchase volume could reach about 700tpd before early February. Discouraged by slow demand from downstream cable plants and cautious purchase from copper rod plants, he anticipates that the mainstream Chinese copper cathode prices would edge down by RMB200/t (USD28/t) in the next two days.
The consumer, with an annual consumption volume of 360,000t, predicts to consume about 23,000t of the metal in March and consumed about 15,000t of the material in February. He holds about 1,500t of stocks now, unchanged from late last month. He consumed about 280,000t of the metal in 2023 and predicts to consume about 65,000t of the metal in Q1 of 2024.
