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Operating rates at copper rod producers using copper cathode as raw material fell 9.83 percentage points on the month but rose 5.8 percentage points on the year to 46.42% in February, according to an SMM survey of 46 producers with a total capacity of 12.40 million mt/year.
The war between Russia and Ukraine officially started, and the spot price of TTF natural gas on the European Energy Exchange rose about 10% on February 23. US natural gas futures prices also rose more than 6%.
Spot premiums rose above 2,000 yuan/mt amid falling social inventory and the suspension of customs tariffs, and premiums in south and north China followed suit.
China has issued documents recently to control the coal market. The prices of thermal coal, coke and coking coal fell to a one-month low, triggering significant pessimism in the metal market.
After the National Day holiday, Guangdong’s power rationing has eased significantly, and most copper processing companies have been able to resume normal production. However, the unexpected rise in copper prices has become a major obstacle to the recovery of the operating rate of copper processing enterprises and the recovery of copper consumption.