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[SMM analysis] the impact of the reduction of copper concentrate imports in May has not been fully reflected.
Jul 1,2020 17:50CST
translation
Source:SMM
According to the latest customs data, a total of 1.691 million tons (physical tons) of copper concentrate and its ore were imported in May 2020, a decrease of 338000 tons (physical tons) compared with April and 152000 tons (physical tons) less than the same period in 2019.
The content below was translated by Tencent automatically for reference.

SMM6, March 30: according to the latest customs data, imports of copper concentrate and its ores totaled 1.691 million tons (physical tons) in May 2020, a decrease of 338000 tons (physical tons) compared with April and 152000 tons (physical tons) less than the same period in 2019.

By country, South America is still the main source of domestic copper concentrate imports, with imports from Chile and Peru accounting for 54% of China's total copper concentrate imports in May, but down from more than 70% in 2019, indicating that copper concentrate import data began to be affected by overseas outbreaks in March and April. Among them, the total amount of copper concentrate imported from Peru in May was 300000 physical tons, a decrease of 35.7% from the previous month and 53.4% from the same period last year, mainly because Peru began to enter a state of emergency on March 16. Shipments at Matarani port were paralyzed in April, and a number of large mines were overhauled or suspended operations, as the impact of the logistics cycle on domestic imports began to appear in May.

SMM believes that the impact of overseas outbreaks on copper concentrate imports has not been fully reflected in May, and imports are still expected to decline in June and July.

1. In June, copper concentrates imported from April to May are expected to arrive in Hong Kong one after another, while due to the impact of the overseas epidemic, mine shutdowns in Peru, Mexico and other countries, and stagnant port shipments, there has been a significant reduction in imports.

2. According to the SMM survey, some refineries reported that the raw material supply was tight in June and July, and the arrival volume would decline, so the domestic refinery maintenance arrangements increased in June and July to adjust the pressure brought by the raw material supply port.

Taken together, SMM expects copper concentrate imports to fall near the 150-1.6 million physical tons in June.

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