Open import arbitrage window and low inventories drive China’s copper imports in September sharply higher [CORRECTED]

China’s unwrought copper and copper product imports hit a two-year high in September, driven by an open import arbitrage window and market participants replenishing copper inventories amid low stockpiles in Shanghai-bonded and Shanghai Futures Exchange (SHFE) warehouses.

China’s unwrought copper and copper products imports in September increased by 24% month on month and 21% year on year to 521,000 tonnes, according to preliminary Chinese customs data released on Friday October 12. The 521,000 tonnes of imports are the highest since March 2016. Total imports for the January-September period increased by 16.1% year on year to 3.99 million tonnes, according to the preliminary customs data. Market participants attributed the very high imports in September to an open import copper arbitrage window and low copper inventories in China. “The arbitrage between...

Published

Ellie Wang

October 17, 2018

10:03 GMT

Shanghai