SHANGHAI, Dec. 11 (SMM) – According to China Customs, China's imports of unwrought copper and copper semis during November were 365,300 mt, up 13.5% MoM, but down 19.18% YoY. China's imports of unwrought copper and copper semis were 4.3064 million mt in the first eleven months of this year, up 20.80% YoY.

In line with SMM expectation, China's imports in November returned to levels seen in July and August after shaking off the negative impact from the Chinese National holiday. SMM estimates that China's refined copper imports during November should be around 250,000 mt.

In the face of inadequate quota of letter of credit at some companies at the year's end and losses for imported copper between RMB 1,000-2,000/mt, demand for imported copper is expected to remain low in December, although long-term contracts will be executed normally.

Codelco has set 2013 term TC/RC at USD 98/mt for Chinese customers, but spot premiums for imported copper hold stable between USD 35-60/mt and are not anticipated to increase in the remainder of December. SMM holds the view that China's imports of unwrought copper and copper semis will remain stable in December.