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China August copper imports Down in August

Metal News - Published on Wed, 11 Sep 2019

Image Source: reuters.com
Reuters quoted China General Administration of Customs as saying that China’s unwrought copper imports fell in August after a bounce in the previous month, as a slowdown in the world’s top copper consumer raises concerns over demand for the metal, while aluminium exports also dipped. Arrivals of unwrought copper, including anode, refined and semi-finished copper products into China stood at 404,000 tonnes last month. That was down 3.8% from 420,000 tonnes in July and also down 3.8% YoY.

The decline came despite copper prices in China being mostly high enough in August for traders to make a profit by buying on the London Metal Exchange, the global price benchmark, and selling on China’s Shanghai Futures Exchange, encouraging bookings of physical copper imports into China. But factory activity in China, which is embroiled in a bruising trade war with the United States, shrank for a fourth straight month in August, according to an official survey, in a bearish sign for the manufacturing sector that is a key source of copper demand.

Mr Daniel Hynes commodities strategist at ANZ said that “While the economic data has been a little bit weak, some of the more end-use sectors (for copper) have shown signs of recovery. There has been a general, ongoing shift in the type of copper China has been importing, because of expanding smelting capacity that can process concentrate, noting that taking unwrought and concentrate imports together - apparent consumption of copper units had grown this year.”

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Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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