China May Cu Imports Data Analysis

SHANGHAI, June 1 (SMM) --

Scrap Copper
According to China Customs, China's imports of scrap copper were 330 kt in May, down 11.22% from 370 kt in April.  The decline in scrap copper imports was in line with SMM expectations, and was due to waning interest in imports as copper prices fell, as well as from longer customs clearance times.

Unwrought Copper and Copper Semis
According to preliminary data from China Customs, China's imports of unwrought copper and copper semis during May were 396.7 kt, down 9.08% from 436.3 kt in April.  The SFHE/LME copper price ratio was relatively unchanged from April levels, and the month-on-month decline in imports was due largely to waning buying interest for domestic and imported goods as copper prices fell.  Since June, the ratio has increased, while the steady decline in copper prices stimulated bargain hunting.  In this context, SMM believes China's imports of unwrought copper and copper semis in June will increase.

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