- Write by:
-
Monday, August 8, 2022 - 13:47:43
-
752 Visit
-
Print
Mining News Pro - China’s imports of copper rose 9.3% from a year earlier, customs data on Sunday showed, as a sharp drop in the price of the metal triggered buying appetite amid falling domestic inventories.
Unwrought copper and copper product imports into China, including anode, refined, alloy and semi-finished copper products, totalled 463,693.8 tonnes in July, compared with 424,280.3 tonnes a year earlier.
July’s copper imports, however, were down 13.8% from the previous month’s 537,698 tonnes.
Copper prices, often seen as an economic bellwether, plunged by one-third from a March high to mid-July as China’s covid-19 control measures hurt manufacturing activities and amid growing fears of a global economic recession.
On July 15, the three-month copper contract on the London Metal Exchange sank below $7,000 a tonne for the first time since November 2020.
“There was large-volume buying from Chinese copper users and traders when the market hit lows,” said He Tianyu, a copper analyst at CRU Group, prior to the release of the customs data.
Imports were also buoyed by the open arbitrage window between Shanghai and London, He said.
This was against the backdrop of falling domestic inventories of copper, with some smelters shut for summer maintenance.
ShFE copper inventories dropped to 37,025 tonnes on last Friday, the lowest since Jan. 21, and a 78% drop from March.
In the first seven months of 2022, China brought in 3.41 million tonnes of unwrought copper and copper, an increase of 5.8% from last year.
The country exported 652,197.9 tonnes of unwrought aluminium and aluminium products, including primary, alloy and semi-finished aluminium products, in July, up 39.1% from 469,030.6 tonnes last July.
Short Link:
https://www.miningnews.ir/En/News/621925
Oxford Economics Australia has released data showing mine maintenance spending may be hitting its peak. But what does it ...
Copper climbed above $10,000 a ton as predictions for tighter global supplies and rising consumption in electric ...
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
Iron ore futures fell to their lowest in more than two weeks, pressured by an inventory accumulation at Chinese ports ...
Copper output in Chile, the world’s largest producer of the metal, edged down in March, data from copper commission ...
Panama’s president-elect has ruled out talks with Canadian miner First Quantum Minerals until it drops multiple ...
Botswana President Mokgweetsi Masisi vowed to protect the country’s interests, including its 15% stake in diamond giant ...
Europe’s largest copper producer Aurubis AG reported first-half core profit above expectations on Wednesday, helped by ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
No comments have been posted yet ...