SHANGHAI, May 8 (SMM) – China’s imports of copper products fell 4.44% year-on-year and edged up just 4.9% on the month in April, a reflection that demand rose more slowly than peak season in past years.
China imported 430,000 tonnes of unwrought copper and copper semis in April. January-April imports dropped 14.04% to 1.53 million tonnes.
Traders optimistic about copper demand in Q2 ordered more copper for delivery in April in preparation for the high demand season.
Moreover, high SHFE/LME copper price ratio narrowed losses on copper importation to about 330 yuan per tonne, SMM data indicate. Both factors are believed to have incentivized importing activities.
However, the YoY decline was a sign that copper demand growth was not as strong as the same period in past years. Some analysts said the economic slowdown hurt factory orders this year, resulting in a milder growth in import numbers.
“The limited losses on copper imports will still allow opportunities for importing copper, so we expect import volumes to remain largely stable in May,” analyst from SMM said.
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