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The overall domestic copper cathode output in May was at a low level due to the intensive maintenance. Although two smelters in Shandong resumed production in May, the production of copper did not resume.
The overall domestic copper cathode output in May was at a low level due to the intensive maintenance. Although two smelters in Shandong resumed production in May, the production of copper did not resumed. However, the output in May was slightly higher than expected as the maintenance of some smelters was delayed to June amid the pandemic and poor transportation.
Last week, base metals prices bore pressure from the rising US dollar and the depreciating RMB. The US Fed raised interest rates by 50 basis points as scheduled, and decided to start shrinking its balance sheet in June.