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Can Chinese Copper Imports Help Lift Freeport-McMoRan Stock?-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
5/9/2018 有色金属展-Copper exhibition -non-ferrous metals expo |
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Chinese copper imports
China is the world’s biggest copper importer, and the country’s copper imports are seen as an indicator of its copper demand. Copper mining is concentrated in Latin America, and companies including Southern Copper (SCCO), Antofagasta (ANTO), and BHP Billiton (BHP) operate copper mines in the region. In this article, we’ll look at China’s April copper imports.
Imports rise
China imported 442,000 metric tons of unwrought copper in April. Although the imports are similar those in March, they are up more than 47.0% year-over-year. In the first four months of 2018, China’s unwrought copper imports have risen 15.7% compared to the corresponding period in 2017.
China’s copper concentrate imports have also been strong this year. In April, the country imported ~1.6 million metric tons of copper ore and concentrates, which is 13.9% higher than in April 2017. On a year-to-date basis, China’s copper concentrate imports have risen 9.7%, compared to the corresponding period last year.
Inventory
While China’s copper imports have been strong over the last couple of months, the country’s copper inventory has also risen sharply this year. This could mean that the end demand is not as strong as the copper import data suggests. Nonetheless, the copper import data looks encouraging despite the rise in China’s copper inventory.
Higher Chinese copper imports are positive for copper prices. Freeport-McMoRan (FCX), which has experienced a selling spree due to concerns over its Grasberg mine, might find support if copper prices top $7,000 per metric ton. Rio Tinto (RIO) is its partner in the Grasberg mine.
有色金属展-铜材展-2018年广州国际有色金属工业（铜业）展览会
-2018 China(Guangzhou)Int’l Non-Ferrous Metal（Copper）Exhibition
-Non-Ferrous Metal exhibition, 2018
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expo, Copper exhibition, Copper expo, 2018 Copper exhibition, 2018 Copper expo,
China Copper exhibition, China Copper expo
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