– Copper imports have fallen for 10/11 months since October 2020
– Buyers are reluctant at prices above 9,000 USD/ton
– China’s aluminum exports in August at highest level since March 2020
China’s copper imports in August fell 41% year-on-year to their lowest level since June 2019, as high prices and sluggish economic growth hampered demand.
The General Department of Customs said that the amount of unwrought copper and products arriving in China, the world’s top copper consumer, was 394,017 tonnes in August. This was down 7% from a month earlier and was fifth consecutive monthly decline.

“Chinese customers are not willing to buy copper at these prices. We see bids below $9,000/ton, but any of the above looks decent,” said Marex Spectron commodity broker Anna Stablum. expensive”.

Copper imports have fallen for 10/11 months since October 2020

Copper prices in London on September 3 more than doubled in a year to reach a historic high of 10,747.50 USD/ton. Since then, prices have fluctuated between $9,000-$10,000 per tonne due to weak Chinese demand and concerns about tightening stimulus.
August data shows China’s copper imports have fallen every month since October last year – excluding March – following strong imports in mid-2020, when the world’s second-largest economy rebounded strongly from Covid-19 pandemic.
Factory activity grew at a slower pace in August than in July, although the construction sector, a key copper user, accelerated at its fastest pace since March.

Imports of copper concentrate, or partially processed copper ore, were 1.89 million tonnes in August. This was the highest since May, up 19 percent year-on-year and up 0.2 percent. % compared to 1.887 million tons in July.
China’s customs said exports of unwrought aluminum and products in August were 490,286 tonnes, reaching the highest level since March 2020 with a 24% year-on-year increase and 4.5 percent increase. % compared to July 2021.

Source: VITIC/Reuters

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