Refined-copper imports by China tumbled 47 percent in May from a year earlier as the world’s biggest user continued destocking, keeping local prices low and making it unprofitable to buy from overseas. Inbound shipments totaled 149,235 metric tons last month, down 6.9 percent from 160,236 tons in April, according to Bloomberg News calculations based on data provided by the General Administration of Customs. Exports declined to 20,175 tons from a record 44,595 tons in April. Chinese fabricators drew down inventories in exchange and bonded warehouses and booming seasonal demand from air- conditioner makers and expansion of power grids was met with higher domestic output. The usual summer lull, coupled with tight credit conditions in the nation, may curb any rebound of imports in the third quarter, analysts said. “The London price is still too high for any restocking plan,” said Zhao Kai, an analyst Jinrui Futures Co., a subsidiary of China’s largest refined copper producer Jiangxi Copper Co. “As the June-to-August period is the usual slack season, we probably won’t see a strong rebound in imports, despite the significant decline of domestic stocks,” he said. Copper stockpiles monitored by the Shanghai Futures Exchange declined to a 21-month low of 82,309 tons on May 26. They rose to 87,310 tons last week. Inventories at the bonded warehouses have fallen to 300,000 tons to 350,000 tons from close to 600,000 tons two months ago, according to Zhao’s estimates. Output Jumps Output of semi-finished copper products in May jumped 20 percent from a year ago to 979,000 tons, and the production in the first five months rose 15 percent on year to 4.11 million tons, according to the National Bureau of Statistics. Imports of refined copper may fall 32 percent this year to 2 million tons, said Li Yusheng, an analyst at metals researcher Beijing Antaike Information Development Co. The forecast was cut from an estimate of 2.4 million tons made at the beginning of this year, according to Li. To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net

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