Imported Copper Arrives at Domestic Markets

SHANGHAI Aug. 29 (CBI China) -- According to CBI sources, an estimated 10 kt of imported refined copper arrived at Shanghai during the past week. Traders made increasing numbers of inquiries for imported goods as the SHFE/LME price ratio rose to 8.0 in early August. CBI predicts imported cargos will arrive at domestic ports beginning in early September, and markets will see growth in imports during September and October.

    Upon news of the arrivals, SHFE copper prices stopped rising and edged down last Tuesday. The imports also replenished inventories in Shanghai, which had been falling. On August 29th, SHFE inventories dropped to 17,625 mt.