SMM: according to the import and export data released by the General Administration of Customs today, in June 2020, China imported a total of 485800 tons of refined copper (refined copper cathodes with unwrought copper content > 99.9935% and other unwrought refined copper cathodes), an increase of 63.17% month-on-month and 128.79% year-on-year increase of 1.9264 million tons from January to June, an increase of 23.23% over the same period last year.
Since mid-April, import parity has been open and maintained for nearly a month and a half. Yangshan copper premium has risen rapidly, and the warehouse receipt price is still at a high of about US $100 / ton by the end of May. Traders signed a large number of orders during this period and shipped them to China for import declaration in early June. Domestic consumption performed well in June, and there was still demand for imported copper against the backdrop of tight supply, and the import window opened again, continuing to drive traders to transport electrolytic copper domestically.
The import volume of electrolytic copper is expected to decrease month-on-month in July, but the total amount is still not to be underestimated.
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