The first is steady growth in production.
According to data from Shanghai Iron and Steel Federation, by the end of May, copper and aluminum smelting production capacity was 12.12 million tons and 39.45 million tons, a year-on-year increase of 21% and 9% respectively. From January to May, 44 copper smelting enterprises produced a total of 4.31 million tons, a year-on-year increase of 15%, and 88 electrolytic aluminum enterprises produced a total of 16.12 million tons, a year-on-year increase of 6%.
The second is that prices have risen and fallen.
According to statistics from China Nonferrous Metals Industry Association, the average spot price of copper and aluminum in May was 73,924 yuan/ton and 19,208 yuan/ton, up 8.3% and 7% month-on-month. At the end of May, the spot prices of copper and aluminum were RMB 73,670/ton and RMB 18,770/ton, down 4.4% and 6.2% respectively from the highest point on May 10.
The third is the main product import growth.
According to the data of the General Administration of customs, from January to April, China imported 7.883 million tons of copper concentrate (physical volume), a year-on-year increase of 4.4%, 1.921 million tons of unwrought copper and copper products, a year-on-year increase of 9.9%, and 943000 tons of unwrought aluminum and aluminum products, a year-on-year increase of 131%.
The fourth is that inventory is at a normal level.
According to data from the Shanghai Iron and Steel Federation, at the end of May, the social inventory of copper and aluminum was 329,000 tons and 971,000 tons, an increase of 55.2% and 10.2% year-on-year, and a decrease of 5.9% and 22.6% from the high point during the year, fluctuating within the normal range.