China Cu Apparent Consumption Data Analysis in May

SHANGHAI, Jun.27 (SMM) –

Refined Copper
China's apparent consumption of refined copper was 568 kt in May, virtually unchanged from April’s 570 kt. China’s May refined copper output was stable and had little influence on apparent consumption. China’s refined copper imports fell more than 10 kt in May, but exports of refined copper were also down from 45 kt in April to 22 kt in May, offsetting some of the losses in refined copper imports and helped keep market supply and apparent consumption of refined copper stable. According to SMM estimates for output and imports for June, China's apparent consumption for refined copper will increase slightly to approximately 600 kt. 

Copper Semis
China's apparent consumption for copper semis was 998 kt in May, up more than 57 kt from April’s 941 kt, and due mainly to increases in domestic copper semis output. China's apparent consumption of copper semis was greater than consumption of refined copper, which again highlights SMM’s belief that refined copper inventories were largely consumed in the market. However, deteriorating power shortages during the summer months will likely negatively affect downstream consumption, so SMM believes China's apparent consumption of copper semis will experience slight declines during June and August.

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