China Cu Import Data Analysis in June 2012 -Shanghai Metals Market

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China Cu Import Data Analysis in June 2012

Data Analysis 03:45:08PM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – According to China Customs, China’s refined copper imports in June were 250,100 mt, the lowest monthly import volume for the past nine months. China’s refined copper imports during 1H 2012 were 1.882 million mt, up 798,000 mt or 73.64% YoY. The import window was only briefly open during 1H, but growth in domestic copper consumption abated. As a result, continuously high refined copper imports during 1H kept copper stocks at Chinese bonded warehouses high. Now that domestic financing costs have fallen following the latest interest rate cuts, demand for imported copper as a financing vehicle has fallen. SMM believes for this and other factors China’s refined copper imports in July will fall to around 230,000 mt.
 

Key Words:  China copper imports  

China Cu Import Data Analysis in June 2012

Data Analysis 03:45:08PM Jul 30, 2012 Source:SMM

SHANGHAI, Jul. 30 (SMM) – According to China Customs, China’s refined copper imports in June were 250,100 mt, the lowest monthly import volume for the past nine months. China’s refined copper imports during 1H 2012 were 1.882 million mt, up 798,000 mt or 73.64% YoY. The import window was only briefly open during 1H, but growth in domestic copper consumption abated. As a result, continuously high refined copper imports during 1H kept copper stocks at Chinese bonded warehouses high. Now that domestic financing costs have fallen following the latest interest rate cuts, demand for imported copper as a financing vehicle has fallen. SMM believes for this and other factors China’s refined copper imports in July will fall to around 230,000 mt.
 

Key Words:  China copper imports