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Scrap Copper:
According to preliminary data from China Customs, China's imports of scrap copper were 450kt during July, down 16.17% YoY, but up 61.34% MoM. YTD imports were 2.19 million mt, down 36.2% YoY. As Customs loosened clearance policies, large volumes of imported scrap copper that were stuck in Hong Kong are now entering China, contributing to the significant growth in scrap copper imports during July. However, import growth only reflects previous demand, and not any increase in domestic demand for scrap copper. CBI predicts scrap copper imports will be 300-400kt during August.
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