SHANGHAI, Aug. 29 (SMM) –
China's apparent consumption of refined copper was 668 kt in July, up 15 kt from June, and due largely to the increases in refined copper imports. However, when taking into consideration of increases in copper inventories during July, real consumption during July was less than June, although the apparent consumption of refined copper increased.
China's apparent consumption of copper semis was 978 kt in July, down from June's high of 1,075 million mt, which also reinforces the SMM's belief that an increase in apparent consumption of refined copper does not necessarily mean a rise in real copper consumption.
In addition to the seasonal low demand period during July and August, rising copper prices during July also depressed end consumer purchasing interest for copper semis. In this context, declines in July consumption of copper semis were in line with market expectations.
Recent copper price declines will likely result in stronger demand, so SMM believes China's apparent consumption of copper semis will probably increase during August.