China’s imports of copper anode expand 19.7% in Apr

Shanghai base metals basically went up in the overnight trading after an agreement was reached between democratic and republican parties on Biden’s 579 billion infrastructure plan. LME base metals mostly increased as well.

Shanghai base metals all went up on Wednesday night as the US June Markit PMI for manufacturing industry registered 62.6. LME base metals all rose as well.

Mainstream refining charges (RCs) of domestic blister copper stood at 1,400-1,550 yuan/mt in November, delivery to factory, an average increase of 25 yuan/mt amid positive demand. RCs of imported blister copper stood at $150-165/mt, up $15/mt on average. RCs for blister copper cif rose further as China Customs has levied value-added tax on gold in imported plate-shaped copper anode since October which dampened interest in such products greatly, and blister copper inventories at domestic smelters were abundant.

China imported 150,000 mt of copper scrap in Sep, up 50% from Aug but down 21.2% from Sep 2018

Exports declined 4.1% from a month ago to stand at 55,000 mt in Jul

Imports in Jul shrank 0.23% on the year but increased 9.72% on the month to 69,700 mt

PMI fell from 45.99 in Jun to 43.18 in Jul

In the short term, however, fundamentals are unlikely to bolster copper

SHFE base metals, except for tin, traded higher overnight

Its monthly output is likely to fall to 3,500 mt in Cu content in Jul