Chinese copper cathode prices basically unchanged
2024-03-26 11:12:18 [Print]
BEIJING (Asian Metal) 26 Mar 24 - Mainstream prices for Chinese copper cathode stand at RMB72,100-72,300/t (USD9,992-10,020/t) in the spot market today, basically unchanged from late last week. As deals increase amid stability overall, insiders expect that mainstream prices for copper cathode in the domestic spot market would go up slightly in the following days.
A Shanghai-based trader said, "Copper cathode stocks increase rapidly at present, but the market is not as bad as imagined as downstream consumers are gradually resuming consuming for the material. Today we purchase 1,200t of copper cathode at RMB72,130/t (USD9,996/t), with a discount of about RMB200/t (USD27.72/t), unchanged from the spot price late last week. The current spot price stands at a low level with a discount of RMB200/t (USD27.72/t) on the whole, which is satisfied by downstream consumers and stimulates deals to increase overall." The trader further disclosed that copper cathode with discount has relatively high cost-effectiveness and sells relatively well now. Considering that most traders are in a competitive state currently as the quarter two is about to end, the trader is bullish about copper prices and expects that the domestic market would turn better in April.
The trader expects that their sales could reach 20,000t or so in March, holding about 1,500t of stocks now.
"The copper cathode produced by us looks good with high quality. We sell about 1,200t of the material today at RMB72,300/t (USD10,019/t), with a discount of about RMB80/t (USD11.09/t), unchanged from late last week. We could sell about 1,000t of the material per day last week. We are basically in full production now and expect that prices for copper cathode in the domestic spot market would keep firm without sharp decrease," a producer in Inner Mongolia said.
With an annual production capacity of 480,000t, the producer expects to produce 40,000t of copper cathode this month, unchanged MoM. They hold about 1,000t of stocks at the moment but with no stocks at the end of last month.
A Shanghai-based trader said, "Copper cathode stocks increase rapidly at present, but the market is not as bad as imagined as downstream consumers are gradually resuming consuming for the material. Today we purchase 1,200t of copper cathode at RMB72,130/t (USD9,996/t), with a discount of about RMB200/t (USD27.72/t), unchanged from the spot price late last week. The current spot price stands at a low level with a discount of RMB200/t (USD27.72/t) on the whole, which is satisfied by downstream consumers and stimulates deals to increase overall." The trader further disclosed that copper cathode with discount has relatively high cost-effectiveness and sells relatively well now. Considering that most traders are in a competitive state currently as the quarter two is about to end, the trader is bullish about copper prices and expects that the domestic market would turn better in April.
The trader expects that their sales could reach 20,000t or so in March, holding about 1,500t of stocks now.
"The copper cathode produced by us looks good with high quality. We sell about 1,200t of the material today at RMB72,300/t (USD10,019/t), with a discount of about RMB80/t (USD11.09/t), unchanged from late last week. We could sell about 1,000t of the material per day last week. We are basically in full production now and expect that prices for copper cathode in the domestic spot market would keep firm without sharp decrease," a producer in Inner Mongolia said.
With an annual production capacity of 480,000t, the producer expects to produce 40,000t of copper cathode this month, unchanged MoM. They hold about 1,000t of stocks at the moment but with no stocks at the end of last month.
