July Consumption of Copper Semis Down, Within Market Expectations

SHANGHAI, Aug. 24 (SMM) –China's apparent consumption of copper semis was 978 kt in July, down significantly from June's 1.075 million mt.

SMM holds the views that in addition to the seasonal low demand period during July and August, rising copper prices during July also depressed end consumer's purchasing interest for copper semis. Therefore, declines in July consumption of copper semis were in line with market expectations.
Since the start of August, copper price declines will likely attract some consumption back, so SMM believes China's apparent consumption of copper semis will probably rise during August.