China Copper, Product Imports Drop for Second Month (Update1) -Shanghai Metals Market

Hot Keywords

  • Zinc
  • MMi Iron Ore Port Index
  • Copper scrap
  • Aluminium
  • Rare earth
  • Copper
  • Evening comments
  • Aluminum
  • Morning comments
  • Futures movement
  • Inventory data
  • aluminum
  • Nickel
  • price forecast
  • VAT

China Copper, Product Imports Drop for Second Month (Update1)

Industry News 11:10:10AM Jun 10, 2010 Source:SMM

June 10 (Bloomberg) -- Copper imports by China, the largest consumer, declined for a second month on ample domestic supplies and prospects of weakening seasonal demand.

Inbound shipments of copper and products were 396,712 metric tons in May, the Beijing-based customs office said today. That's 9.1 percent below the 436,350 tons in April and 6.1 percent less than the 422,670 tons a year earlier, according to Bloomberg calculations.

Copper stockpiles monitored by the Shanghai Futures Exchange dropped from the highest level since at least 2003 in May, by 17 percent to 157,698 tons. This is still about 60 percent higher than levels at the start of the year.

"Imports are moderating but still considered high," Wen Jinghai, an analyst at Bohai Futures Co., said from Dalian. "This will add to the oversupply and may pressure prices lower, especially now that we're in the weak demand period."

China imported 330,000 tons of scrap copper in May, customs said, compared with 371,705 tons in April and 328,265 tons a year earlier. Imports of aluminum and the metal's products were 94,487 tons last month, the figures show, compared with 93,340 tons a month earlier and 331,740 tons in May 2009.
 

China Copper, Product Imports Drop for Second Month (Update1)

Industry News 11:10:10AM Jun 10, 2010 Source:SMM

June 10 (Bloomberg) -- Copper imports by China, the largest consumer, declined for a second month on ample domestic supplies and prospects of weakening seasonal demand.

Inbound shipments of copper and products were 396,712 metric tons in May, the Beijing-based customs office said today. That's 9.1 percent below the 436,350 tons in April and 6.1 percent less than the 422,670 tons a year earlier, according to Bloomberg calculations.

Copper stockpiles monitored by the Shanghai Futures Exchange dropped from the highest level since at least 2003 in May, by 17 percent to 157,698 tons. This is still about 60 percent higher than levels at the start of the year.

"Imports are moderating but still considered high," Wen Jinghai, an analyst at Bohai Futures Co., said from Dalian. "This will add to the oversupply and may pressure prices lower, especially now that we're in the weak demand period."

China imported 330,000 tons of scrap copper in May, customs said, compared with 371,705 tons in April and 328,265 tons a year earlier. Imports of aluminum and the metal's products were 94,487 tons last month, the figures show, compared with 93,340 tons a month earlier and 331,740 tons in May 2009.