China imported 2.23 million tonnes of unwrought copper and copper-fabricated products during the first six months of this year, down 18.4% from the same period a year ago, according to preliminary customs data released on Thursday July 13.
In June, total imports reached 390,000 tonnes, flat with May’s volume but down 7.14% year-on-year.
“Most long-term contracts have resulted in losses over the past few years, so volumes on long-term deals were less than before, which resulted in the low number [of imports],” a source at a major Chinese trading house said.
Softer financing demand in the run-up to June, a period in which the market traditionally experiences a tight credit environment, was another reason for the decline in imports as traders saw fewer arbitrage opportunities.
A wider variety of destinations made available to importers for long-term contracts in 2017 also contributed to a lowering in Chinese imports.
In November, Metal...