Antaike, a Chinese Research Institute, said that its smelter survey showed that copper production in February was the same as that in January, at 656000 tons, much higher than expected, while the key metal consumption industry resumed production slowly.

In addition, the copper concentrate treatment fee, which is the main source of income for the smelter, has increased by 20% since the end of 2019. Aetna said the price of more than $70 per ton had eased the pressure on smelters. The company expects production to reach about 690000 tons in March.

Copper stocks in the previous period have risen continuously since January 10, but data on the extended Spring Festival holidays at the end of January and early February have not been released.

The Ministry of housing and urban rural development said that as the main source of copper consumption, more than 58% of China’s real estate and infrastructure construction projects had resumed last week, but still faced the problem of personnel shortage.