China copper anode imports continued to pick up in October

In October 2023, China imported 83,300 mt of copper anode, a month-on-month increase of 14.76%, and a year-on-year increase of 0.2%; from January to October 2023, China imported a total of 866,900 mt of copper anode, a year-on-year decrease of 12.45%.

China imported 44,900 mt of copper anode from Zambia in October 2023, an increase of 57.68% monthon-month and a year-on-year increase of 5.33%; the copper anode imported from the Democratic Republic of Congo was 7,500 mt, a month-on-month decrease of 32.73%, a year-on-year increase 5.08%. In October, China imported 11,800 mt of copper anode from Chile, an increase of 39.93% month-on-month and a year-on-year decrease of 2.15%. In October, China imported 3,200 mt of copper anode from Pakistan, a month-on-month decrease of 57.95% and a year-on-year decrease of 31.69%.

China's copper anode imports continued to rebound in October due to the SHFE/LME copper price ratio reaching the highest for the year in mid-to-late August and the output recovery of Vendanta's KCM refinery in Zambia after maintenance. The SHFE/LME copper price ratio fell back in September and continued to recover in mid-September. However, logistics pressure is still a major problem faced by the African region. China's copper anode imports are expected to remain flat or increase slightly in November.