Chile's delivery volume rebounded, and China's copper ore imports increased MoM in March.

According to data from the General Administration of Customs online query platform, China's imports of copper ores and concentrates in March reached 2.3939 million mt, up 9.67% MoM and 2.80% YoY. Among them, shipments from Chile rebounded to around 800,000 mt, still ranking first, while supply from Peru continued to decline to around 560,000 mt. Despite the MoM and YoY increases in China's copper ore imports, spot copper concentrate TCs in the domestic market continued to decline, and the tight supply and demand situation in the ore sector remained unchanged. Below is the supply situation of China's major copper ore import sources since 2019: Data source: General Administration of Customs.