SHANGHAI, Aug. 11 (SMM) – China’s imports of unwrought copper and copper semis in the first seven months of the year fell by 9.5% from a year ago, Customs data reveal.
Weak demand from China and tight control over application of L/Cs still curbed copper product imports.
“The SHFE/LME copper price ratio increased to 7.45 in July, opening window for copper importation, but import volumes during the month remained at 350,000 tonnes, showing no improvement from June,” SMM analyst said, “this was also an indication of anemic demand, both from downstream sectors and financing trades.”
SMM expects the import numbers to edge lower in August with the SHFE/LME copper price ratio down.
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