SHANGHAI, Sep 27 (SMM) — Customs data showed that China imported 470,100 mt of copper cathode in August, down 15.3% from July and up 62.8% from a year ago, and imports totalled 2.95 million mt in the first eight months of this year, rising 37.7% from the same period last year.
Domestic copper consumption weakened in the third quarter, while domestic refinery supply increased month on month. Copper supply was no longer tight in the second quarter. Overseas demand recovered with a sharp drop in the overseas explicit inventories. The proportion of the cancellation of warehouse receipts remained high, and the LME back structure strengthened.
The import window remained closed, leading to a sharp drop in the demand for imported copper. Yangshan copper premium kept falling in tepid trading. The liquidity of the whole foreign trade market dropped to a low point. This also accounted for the fall in copper cathode import in August.
China’s copper cathode exports rose 8.07% on the month and down 43% on the year to 11,300 mt in August, and totalled 145,100 mt in January-August, down 37.8% from the same period last year. Domestic copper consumption weakened, and most smelters shipped cargoes to bonded areas. The limited number of cargoes were shipped, leading to a slight increase in copper cathode exports.