SHANGHAI, July 12 (SMM) -- Investors remained optimistic toward Chinese demand before the release of China's imports and exports of copper and aluminum in June, and LME base metals prices edged higher as a result, with LME zinc prices climbing to as high as USD 1,904/mt and finally closing at USD 1,880/mt.
China's imports of copper and aluminum in June slowed on a monthly basis based on customs data. China's imports of unwrought copper and copper semis were 328 kt during June, down 21% MoM, while China's imports of unwrought aluminum and aluminum semis were 75 kt during June, down 20% MoM. Actual demand failed to grow as expected, and SMM predicts SHFE zinc prices will fluctuate around the 5-day moving average today, with prices expected to struggle at RMB 15,500/mt.
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