Chinese copper cathode producers sell out stocks
2024-04-09 11:06:02 [Print]
BEIJING (Asian Metal) 9 Apr 24 - Boosted by rapid increase of prices in the futures market after the Tomb-sweeping Day, the copper cathode spot market in China sees increase of prices accordingly, but as most downstream consumers are willing to accept the increased prices, deals in the domestic spot market increase obviously now and most domestic producers have sold out their stocks. Mainstream prices for Chinese copper cathode in the spot market stand at RMB75,400-75,600/t (USD10,428-10,456/t) today, up by RMB1,900/t (USD263/t) from last Wednesday before the Tomb-sweeping Day. Insiders expect that prices in the domestic copper cathode spot market would stay at a high level in the following days.
A Xinjiang-based producer said, "We cleared out our stocks of over 1,000t of copper cathode at RMB75,200/t (USD10,400/t) or so today with a discount of less than RMB100/t (USD13.83/t), but our price for more than 200t of the material was still RMB73,500/t (USD10,165/t) last Wednesday before the Tomb-sweeping Day. We could only sell about 200t of the material per day on average last week." According to the producer, copper cathode orders which were suppressed before, are released now in April, the traditionally peak season.
With an annual production capacity of 150,000t, the producer produced 12,000t last month and will continue to keep full production this month, when the output is expected to keep unchanged at 12,000t.
"We sold out our stocks of about 780t at RMB75,385/t (USD10,426/t) today when deals were more than expected, but our price for about 480t of the material was still RMB73,520/t (USD10,168/t) last Wednesday," a producer in Henan said, adding that all deals they concluded today were from nearby copper rod producers, whose orders are increasing now.
With an annual production capacity of 120,000t, the producer had an output of 7,000t last month.
A Xinjiang-based producer said, "We cleared out our stocks of over 1,000t of copper cathode at RMB75,200/t (USD10,400/t) or so today with a discount of less than RMB100/t (USD13.83/t), but our price for more than 200t of the material was still RMB73,500/t (USD10,165/t) last Wednesday before the Tomb-sweeping Day. We could only sell about 200t of the material per day on average last week." According to the producer, copper cathode orders which were suppressed before, are released now in April, the traditionally peak season.
With an annual production capacity of 150,000t, the producer produced 12,000t last month and will continue to keep full production this month, when the output is expected to keep unchanged at 12,000t.
"We sold out our stocks of about 780t at RMB75,385/t (USD10,426/t) today when deals were more than expected, but our price for about 480t of the material was still RMB73,520/t (USD10,168/t) last Wednesday," a producer in Henan said, adding that all deals they concluded today were from nearby copper rod producers, whose orders are increasing now.
With an annual production capacity of 120,000t, the producer had an output of 7,000t last month.
