Morgan Stanley said that while copper prices have fallen 11% in the past four weeks and are down 15% from their highs since the beginning of the year, a rebound in copper prices may be on the horizon. So far this year, China's real estate completions rose 18% year-on-year and 5% above 2019. Grid spending rose 10% year-on-year, and electric vehicle sales jumped 44% year-on-year.
On top of that, while year-to-date copper imports fell 11%, imports of unwrought copper and copper semis products increased 6%. Copper production increased 14% and semi-finished copper production grew 12%. Adding output to net imports, this means a 9% increase in China's "apparent consumption" of copper excluding inventories.
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