SG:Chinese refined copper imports in June rise first three months
Refined copper imports by China rebounded in June for the first time in 3 months gaining 20% as buyers in the world’s biggest user started to replenish stockpiles after the local market tightened.
According to Bloomberg News calculations based on data provided by the General Administration of Customs, inbound shipments totaled 178,638 tonnes last month compared with 149,235 tonnes in May. Exports fell for a second month slumping to 3,065 tonnes from 20,175 tonnes in May.
Inventories in China have fallen by about a half from March as imports in the first 6 months declined 30% from a year ago. Copper in London climbed to 3 month high on July 19th 2011 on expectation of further Chinese buying in the H2.
Mr Xiao Jing an analyst at Beijing Capital Futures Company said that “We expect a gradual recovery of Chinese imports in the second half of this year. Still the high price now and the negative arbitrage in the past month may keep the July and August shipments relatively subdued.”
Mr Duncan Hobbs analyst of Macquarie Group Limited said recently that copper stockpiles at Shanghai Futures Exchange monitored warehouses totaled 109,461 tonnes last week, 38% lower than this year’s high of 177,365 tonnes in mid March. Bonded warehouse inventories fell to 300,000 tonnes to 350,000 tonnes from 600,000 tonnes in March.
