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2009 September Cu Imports Data Analysis (Preliminary)
SHANGHAI, Oct. 16 (SMM) --
Scrap Copper:
According to preliminary data from the General Administration of Customs (GAC), China's imports of scrap copper were 410kt during September, up 4.56% MoM, but down 19.83% YoY. YTD imports were 2.99 million mt, down 32.6% YoY. The slight MoM growth in scrap copper imports was in line with reported stable supply in scrap copper markets. Since the current SHFE/LME copper price ratio is unfavorable for imports, any new arrivals of scrap copper were ordered previously. According to CBI sources, traders reduced imports dramatically from August to September, so CBI predicts scrap copper imports in October are expected to decline from September levels to an estimated range of 300-350kt.
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