SHANGHAI, Jul. 1 (SMM) – China imported 275,400 mt of refined copper in May, down 2.68% on the year, bringing YTD imports to 1.42 million mt, down 12.42%. This continued decline in import volumes is largely due to lower demand from the finance-driven trade and the lower SHFE/LME copper price ratio, which has widened the loss margin on imported copper to RMB 483/mt.

China exported 23,900 mt of refined copper in May, down 15.2% YoY, bringing January-May exports down 2% to 105,200 mt. Export numbers shifted into contraction due to a 41% slump in premiums.