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China's Refined Copper Imports Drop 23% From Record

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SHANGHAI, Aug. 24 -- Refined copper imports by China, the world's largest consumer of the metal, dropped by 23 percent in July from a record the previous month after domestic stockpiles expanded and scrap supplies increased.
&nbsp;&nbsp;&nbsp; Imports decreased to 292,226 metric tons, the Beijing-based customs office said, citing revised final data. Imports were a record 378,943 tons in June, according to Bloomberg data. That's the first decline in six months.
&nbsp;&nbsp;&nbsp; Copper stockpiles reported by the Shanghai Futures Exchange climbed last week to 81,650 tons, the highest in two years. China boosted purchases to a record because of demand spurred by the government's 4 trillion yuan ($586 billion) stimulus program and state stockpiling.
&nbsp;&nbsp;&nbsp; &quot;Month-on-month we don't expect any rebound in refined imports for the remainder of this year due to prices, and rising scrap supplies should act as a curb too,&quot; Liang Zhigang, head of research at Minmetals StarFutures Co. said from Shenzhen.
&nbsp;&nbsp;&nbsp; China's scrap copper imports were 448,258 tons in July, customs said. That compares with 278,922 tons in June and is 16 percent less than a year ago, according to Bloomberg data.
&nbsp;&nbsp;&nbsp; &quot;Buying interest for scrap has improved a lot as the climb in refined prices enlarged the scrap discount,&quot; Liang said.
&nbsp;&nbsp;&nbsp; Still, refined copper imports last month gained 232 percent compared with the same time last year and have risen 168 percent to 2.07 million tons in the first seven months, customs data show.
&nbsp;&nbsp;&nbsp; Stockpiling 
&nbsp;&nbsp;&nbsp; Residents in Wenzhou city of Zhejiang province, &quot;famously investment savvy,&quot; are reportedly using bank loans to stockpile copper scrap, betting on rising demand and prices, Scotia Capital Inc. said last week. Unreported inventory of refined copper with traders, fabricators and speculators could be as much as 400,000 tons, Macquarie Group Ltd. said July 6.
&nbsp;&nbsp;&nbsp; China's purchases of primary aluminum, refined lead and zinc in July all fell from the previous month while nickel shipments jumped to the highest since at least 2004.
&nbsp;&nbsp;&nbsp; &quot;Overseas aluminum is becoming less competitive as domestic production is gaining,&quot; Gong Qiong, a trader at Maike Investment Holding (Group) Co. said from Shanghai today. China should have re-started 3 million tons of idled capacity or 20 percent of its annual total, in anticipation of a demand recovery, Gong added.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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China's Refined Copper Imports Drop 23% From Record | Shanghai Non ferrous Metals

China's Refined Copper Imports Drop 23% From Record

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