Chinese copper rod market sees slight increase of prices
2024-04-03 11:22:18 [Print]
BEIJING (Asian Metal) 3 Apr 24 - As spot prices for copper cathode stand at a high level, copper rod prices go up in the Chinese market, but downstream consumers only keep purchasing from hand to mouth. Mainstream prices for copper rod in the domestic spot market stand at RMB73,400-73,600/t (USD10,145-10,173/t) today, rising by RMB70/t (USD9.68/t) or so from yesterday.
A Jiangsu-based producer said, "The current TC is still RMB600/t (USD82.93/t). We sold about 600t of copper rod at around RMB73,550/t (USD10,166/t) today, but our price for overall 1,000t of the material was around RMB73,500/t (USD10,159/t) yesterday. We could basically ensure futures hedging now as we are cautious about selecting downstream consumers. Copper cathode prices rise now, which mainly brings influences on cash flow." The producer further noted that downstream consumers are worried about placing long-term orders at present as they might suffer losses.
With an annual production capacity of 550,000t, the producer had an output of 25,000t in March.
"Today we sold about 70t of copper rod at RMB73,500/t (USD10,159/t), the same as yesterday when we sold more than 100t of the material. Most insiders still watch the market at present after the increase of prices. The current consumption from downstream buyers is still limited dragged by the sluggish real estate industry," a producer in Shandong disclosed.
With an annual production capacity of 60,000t, the producer had an output of 3,000t in March.
A Jiangsu-based producer said, "The current TC is still RMB600/t (USD82.93/t). We sold about 600t of copper rod at around RMB73,550/t (USD10,166/t) today, but our price for overall 1,000t of the material was around RMB73,500/t (USD10,159/t) yesterday. We could basically ensure futures hedging now as we are cautious about selecting downstream consumers. Copper cathode prices rise now, which mainly brings influences on cash flow." The producer further noted that downstream consumers are worried about placing long-term orders at present as they might suffer losses.
With an annual production capacity of 550,000t, the producer had an output of 25,000t in March.
"Today we sold about 70t of copper rod at RMB73,500/t (USD10,159/t), the same as yesterday when we sold more than 100t of the material. Most insiders still watch the market at present after the increase of prices. The current consumption from downstream buyers is still limited dragged by the sluggish real estate industry," a producer in Shandong disclosed.
With an annual production capacity of 60,000t, the producer had an output of 3,000t in March.
