General Administration of Customs: Export Momentum Remains Strong, China's July Copper Cathode Exports Up Nearly 50% MoM

Data from the General Administration of Customs' online inquiry shows that China's refined copper exports in July amounted to 118,398 mt, up nearly 50% MoM and higher than the same period last year. Due to rumors that the US copper tariff policy would be implemented on August 1, the siphoning effect of the US on global copper still existed before the end of July, and domestic smelters had a strong incentive to export. However, at the end of July, the US announced tariffs on imported copper, which were far less extensive than market expectations, leading to a plunge in COMEX copper, and the underlying logic for the global flow of copper into the US collapsed.

Data source: General Administration of Customs