China’s copper imports decline 18.4% in H1 2017 [CORRECTED]

China’s total imports of unwrought copper and copper-fabricated products fell 18.4% on an annual basis during the first half of 2017, primarily due to smaller contracted tonnages being signed during the year and softer financing demand compared with previous years.

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...

Published

Kiki Kang

July 14, 2017

03:55 GMT

Shanghai