[SMM brief Review] Logistics resumed in late May and China's anode copper imports increased significantly in June.

SMM: according to customs data, China imported 79423 tons of anode copper (unrefined copper; anodes for electrolytic refining) in June 2020, an increase of 31.89 percent over the previous year, and an increase of 39.56 percent over the same period last year. Total imports from January to June increased by 15.28 percent.

SMM believes that the resumption of logistics in late May led to a significant increase in imports in June compared with the previous month, and crude copper is expected to arrive in Hong Kong in July. From June to now, under the influence of the increase in domestic scrap copper supply, crude copper processing fees began to rise slowly, and the crude copper import volume will increase more obviously in July. Crude copper processing fees will rise rapidly, and crude copper processing fees will rise for two consecutive months from June to July.

At present, the domestic crude copper processing fee is around 1300 yuan / ton, and the imported crude copper processing fee has risen to a maximum of around 140USD / ton.

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