SMM Analysis: Why China Unwrought Copper and Copper Semis Imports Jump 30% in May?

SHANGHAI, Jun. 8 (SMM) - China’s imports of unwrought copper and copper semis leapt 30% on the month to 390,000 tonnes in May, but down 9.3% on a yearly basis. Total imports during January-May fell 20.3% on a yearly basis to 1.84 million tonnes, according to China Customs.

Import profit seen in mid-April and early May is attributable to the growth in China’s imports of unwrought copper and copper semis in May, SMM said. Affected by delivery time, the growth in imports was seen in May. Imports have been unprofitable most of the time from late November 2016.

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Besides, the high-demand month of May also contributed to the growth in imports. The high-demand season will end soon, though, so its support for copper imports will weaken.

However, China’s imports of unwrought copper and copper semis fell on a yearly basis and in the first five months of the year. The 390,000 tonnes import volume is still below the average level in 2016, which means imports are still low.

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