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March electrolytic copper production hits a record high; output is expected to decline in Q2 due to maintenance.
March electrolytic copper production is basically in line with expectations. Compared with February, it increased by 63.7k metric tons on a month-over-month basis, reaching a record high. In April, eight smelters are scheduled for maintenance, including three that carry over from March to April, and four that carry over from April to May. It is expected that most of the maintenance-related impact will become evident in May. At present, a small number of smelters indicate that there are difficulties in procuring anode plates, and that relatively tight raw materials have formed production pressure. April is expected to see production decline by 33k metric tons versus March, and does not reflect too much impact from maintenance. In addition, in April, one smelter begins production; thereafter, output will gradually increase. (Shanghai Metals Market)