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Copper closed regular trading hours Monday at $4.38 a pound or $9,656 a tonne, up 2% on the day bringing year to date gains to more than 12%. Copper is now trading at levels last seen early June 2022.
New satellite data appears to show China’s so-called Copper Smelter Purchase Team are making good on those promises. shows smelter inactivity in China rose to an average of 8.5%, compared with 4.1% in the first quarter of 2023 and 4% in the same quarter the year before. “Significantly, we are now entering a period of several scheduled maintenance closures, and this is expected to help ease the tight concentrate supply situation which has helped to depress smelter treatment charges and by extension smelter profitability.”
China was responsible for more than half the world’s 2023 refined copper output of 27 million tonnes and customs data showed strong numbers for unwrought copper and copper concentrate imports in March.
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