China April Copper Imports Data Analysis

SHANGHAI, May 31 (SMM) --

Copper Semis
According to China Customs, China's imports of copper semis were 49.4 kt in April, and still moving upward.  The improved SHFE/LME copper price ratio stimulated end-user interest in importing copper semis.  However, imports of copper semis mainly include goods for processing trade, and high-end copper semis goods, since the existing output in China of copper semis is able to meet demand.

Refined Copper
According to China Customs, China's imports of refined copper were 309.8 kt in April, down on a monthly and yearly basis.  Since the SHFE/LME copper price ratio was below 8.0 in April, traders showed little interest, reducing the volume of imports.  The price ratio increased in May as SHFE copper prices fell slower than LME prices, and the improved ratio, coupled with a traditional high demand period, is expected to increase China's imports of refined copper in May.

Copper Concentrate
In April, China's imports of copper concentrate were 607.1 kt (physical volume), up 16.98% YoY.  YTD imports were 2.314 million mt, up 19.9% YoY.  High output at domestic copper producers resulted in a rapid year-on-year growth of copper concentrate imports.  In addition, most copper smelters increased long-term contracts during the 2010 long-term copper concentrate price negotiations.  In this context, falling spot TC/RC did not cause copper concentrate imports to fall.

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