SHANGHAI, Dec. 4 (SMM) – China Customs’ latest figures indicate that China’s refined copper imports rose 7.22% to 306,000 tonnes in October.
A higher SHFE/LME copper price ratio boosted China’s copper imports in October.
Of note is that the China Banking Regulatory Commission issued draft rules for commodity financing deals for public opinion as part of its mandate to exercise oversight of financing trades and attack trade fraud. Although L/C applicants still face considerable scrutiny, the draft rules reflect that Chinese authorities have become less concerned with finance-driven trading. Traders have responded with a renewed interest in importing copper.
Nonetheless, the lack of a profitable interest rate differential curtailed growth in October’s imports and likely in November as well.
Imports volumes through the first ten months hit 2.95 million tonnes, up 16% year-on-year.
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