China May Cu Apparent Consumption Data Analysis

SHANGHAI, June 28 (SMM) --

Refined Copper
In May, China's apparent consumption of refined copper was 673 kt, down both on a monthly and yearly basis.  China's apparent consumption of refined copper was 687.4 kt in April, and a decline of 14.4 kt in apparent consumption during May was due mainly to lower import levels of refined copper.  SMM believes China's imports and domestic output of refined copper will unlikely increase during June due to current volatile price movements and soft spot consumption.  China's refined copper apparent consumption will remain low in June.

Copper Semis
China's apparent consumption of copper semis was 1 million mt during May, down from April levels, and the decline was largely attributed to falling output of copper semis.  Operating rates at domestic copper semis producers dropped slightly in May due to volatile copper prices and the seasonal low demand period, but SMM believes these conditions will become more pronounced in June.

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