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China import of refine copper down by 28%-18th China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
5/3/2017 Copper exhibition -non-ferrous metals expo |
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Reuters reported that China''s imports of refined copper slumped by 28% year-on-year in the first quarter of 2017. Factoring in exports, now a regular feature of the country''s trade picture, the slide in net metal imports was an even more dramatic 35%. The net draw on units from the rest of the world was 699,000 tonnes in the first three months of the year, a decline of 368,000 tonnes on the same period of 2016.
Look no further to understand why copper''s early-year bull run to over USD 6,200-per tonne, basis three-month metal on the London Metal Exchange has stalled. The price is today trading around USD 5,720.
Even while production disruptions have accumulated, any impact on refined metal availability has been muted, witness the near 185,000-tonne build in global exchange stocks in the first quarter.
However, it''s not as if China has lost its appetite for imported copper.
-18th China(Guangzhou)Int¡¯l
Non-Ferrous
Metal£¨Copper£©Exhibition
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