SHANGHAI, Jan. 27 (SMM) – China’s imports of unwrought copper and copper semis were 420,000 tonnes in December last year, flat at November’s numbers, Customs stated. SMM expects the import volume to resume its climb in the first month of 2015.
Inbound shipments of copper products held high in December due partly to the improving SHFE/LME copper price ratio which incentivized copper importation.
Moreover, shipments picked up at year’s end with buyers rushing to meet annual targets and copper prices falling continuously since late November.
Copper product imports will rise again in January 2015 as buyers look to capitalize on the fall in prices from late December and the rising SHFE/LME copper price ratio.
Imports for the whole of 2014 were 4.83 million tonnes, up 7.4% YoY, pointing to ongoing growth in copper demand despite a curb on finance-driven trades.
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