Copper cathode imports during January-February fell 9.09% year on year

SHANGHAI, Mar 24 (SMM)—China imported 531,800 mt of copper cathode (refined copper cathodes with an unwrought copper content> 99.9935% and other unwrought refined copper cathodes) during January to February 2021, a cumulative decrease of 9.09% year-on-year, according to customs data. Imports stood at 268,500 mt in January, and 263,400 mt in February.

The closed import arbitrage window and shipment issues in South America in January led to the year-on-year decrease in January-February copper cathode imports. 

But the amount of copper cathode arriving at major Chinese ports is expected to rise in March as shipment issues in Chile have eased since end January. Domestic copper inventories are still increasing as previous high copper prices dampened consumption, while LME copper stocks remained at low levels.