SHAGNHAI, Jul. 25 (SMM) –

Refined Copper Supply
China's apparent consumption of refined copper was 652.6 kt in June, up both MoM and YoY. Domestic refined copper output set new records in June, and refined copper imports were also up during the month, while refined copper exports fell sharply, resulting in an increase in apparent consumption of refined copper by 84.6 kt from May. According to an SMM survey of copper smelters, downstream producers and traders, China's total inventories during June were down, so the increases in June's apparent consumption of refined copper were largely from increases in downstream demand. However, as inventories at traders have been increasing since early July and since downstream demand has also weakened, SMM believes China's apparent consumption of refined copper will experience a slight decline in July.  

Copper Semis
China's apparent consumption of copper semis was 107 million mt in June, breaking the 1 million mt mark again. The increases in the apparent consumption of copper semis were mainly from increases in domestic output of copper semis. According to the National Bureau of Statistics (NBS) this year, China's apparent consumption of copper semis increased by more than 15.5% YoY for 1H 2011, but fell 1.5% based on figures released last year. Since the NBS made some corrections to last year's output before releasing the data, the results will probably confuse markets regarding China's copper demand. Based on a survey of downstream producers, SMM believes China's real consumption of copper semis has upward momentum compared to the same period last year, but has begun to slow.