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According to data released by the National Bureau of Statistics, refined copper production increased by 4.
028 million tons in the first half of the year, a year-on-year increase of 7.
6%.
This figure is lower than the 9.
4% increase in the same period last year, equivalent to about
half of the total output of 7.
96 million tons of refined copper last year according to the Ministry of Industry and Information Technology.
In June alone, refined copper production rose to 686,000 tons, up 6,000 tons month-on-month, down from 693,000 tons
in the same period last year.
However, at the end of last year, 10 Chinese copper producers, including Jiangxi Copper and Tongling Nonferrous Metals, vowed to cut production by 350,000 tons in 2016, accounting for 8.
75%
of China's copper production last year.
And this is still the minimum production cut, which could be extended if copper prices fall further, or if the processing and refining costs (TC/RC) of spot refining imports are lower than the cost to smelters
.
Analysts say small smelter lines are now operating
at full capacity after spot processing fees rose above $100 a tonne.
According to Bloomberg Intelligence, China's copper processing fees rose as high as $103 a tonne last month, the highest level
since February 2015.
Analysts say total national output is sure to expand
this year.
Jiangtong, the country's largest copper smelter, said in May that domestic copper output could remain at last year's level
due to new capacity.
Macquarie last month cut its international copper price forecast for this year by 4.
1 percent to $4,690 a tonne, compared with a 9 percent cut for 2017 to $4,788
.
Chile's copper committee adjusted its forecast for copper prices in the middle of this month, expecting copper prices to average $2.
15 a pound this year, down from $
2.
57 last year.
London Metal Exchange (LME) copper futures closed at $4,984 a tonne on Tuesday, well above a six-year low of $4,331 set in January
.
London copper has risen 5.
3% this year, far less than the 39% increase of London zinc and 19%
of London nickel.
