SHANGHAI, Jul 6 (SMM) – China's copper anode imports were 88,800 mt in May, up 4.56% MoM, but down 0.72% YoY. From January to May, imports totalled 463,100 mt, down 13.4% YoY. Copper anode imports were profitable in May based on the SHFE/LME copper price ratio. The domestic copper anode supply tightened amid shrinking price difference between copper cathode and copper scrap. These, coupled with lower RCs of domestic blister copper, boosted demand for imported copper anode. As such, copper anode imports are estimated to extend growth on a month-on-month basis in June. Zambia’s Konkola Copper Mines (KCM) has shut down its Nchanga smelter for 21 days for repair work after a molten metal leakage from one of the furnaces on June 27. This is estimated to negatively affect its output of copper anode.
China’s copper anode imports by country in May
|
Country |
Import volume (mt) |
MoM |
YoY |
|
Zambia |
26,600 |
-25.67% |
-12.31% |
|
Democratic Republic of the Congo |
18,600 |
+15.39% |
+18.57% |
|
South Africa |
6,500 |
+21.68% |
-58.89% |
|
Chile |
16,700 |
+64.09% |
+57.58% |
|
Peru |
2,200 |
+75.22% |
+165.34% |
|
Pakistan |
6,700 |
+100.38% |
+165.34% |
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