Abstract China's refined copper imports fell to its lowest level since June 2011, and exports fell for the first time in eight months. According to data released today by the General Administration of Customs, China imported 183,023 tons of refined copper in April this year. Bloomberg data shows that in March and go
China's refined copper imports fell to its lowest level since June 2011, and exports fell for the first time in eight months. According to data released today by the General Administration of Customs, China imported 183,023 tons of refined copper in April this year. According to data compiled by Bloomberg, imports in March and the same period last year were 218,823 tons and 272,903 tons respectively. Customs data showed that refined copper exports fell 52%, from 60,642 tons in March to 29,072 tons.
The decline in imports pushed the copper stocks on the Shanghai Futures Exchange to a minimum of seven months last week. The rise in profits from arbitrage trades bought at low prices in London at high prices in Shanghai is likely to support imports and curb exports in the coming months.
Liang Lijuan, an analyst at COFCO Futures, said in a telephone interview in Beijing that in a relatively normal liquidity environment, the arbitrage ratio is still the main factor determining imports and exports. Liang Lijuan expects imports to increase in the coming months, while exports will be suppressed.
Copper futures contract for September delivery on the Shanghai Futures Exchange rose 1.7% to close at 53,420 yuan ($8,713) per tonne, after a 17% VAT factor, compared to $7,410 per tonne for three-month copper on the London Metal Exchange. The price is $43 higher.
Standard Bank said in its May 17 monthly research report on base metals that the rise in copper demand in the second quarter may be due to speculative buying by manufacturers with insufficient domestic stocks and will not continue into the summer.
According to customs data, China's copper concentrate imports soared to 842,838 tons in April, compared with 777,838 tons and 474,903 tons in March and the same period last year. Data show that copper concentrate imports totaled 3.06 million tons in the first four months of this year, a year-on-year increase of 37%.
Today's data shows that in April this year, scrap copper imports fell by 9% to 336,634 tons, and imports from January to April fell by 4.7% to 1.37 million tons. Imports from the United States fell 13% in April to 72,413 tons.
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