China’s major copper smelters in September kept output flat month on month, as maintenance and curbs on power usage prevented them from making more metal and cashing in on higher treatment charges, Antaike said.
The 22 smelters surveyed by Antaike churned out 768,300 tonnes of refined copper cathode last month, versus 767,600 tonnes in August and up 3.8% year on year, the state-backed Chinese research house said in a note.
Rebounding copper concentrate treatment charges and high prices for byproduct sulphuric acid mean China’s smelters are reluctant to carry out maintenance in October, but power rationing will nonetheless restrict output, said Antaike.
It sees cathode production rising slightly month-on-month to around 780,000 tonnes in October.
Source: Reuters (Reporting by Tom Daly; Editing by Steve Orlofsky)