SHANGHAI, May 8 (SMM) – China’s imports of unwrought copper and copper products rose 46% year on year in April as demand for refined copper was bolstered by tighter supplies of copper scrap imports, SMM believed.
China imported 439,000 mt of unwrought copper and copper products in April, flat from March, according to data from China Customs. Imports of unwrought copper and copper products in the first four months of this year stood at 1.67 million mt, up 15.2% year on year.
Prices of copper futures rebounded after China Customs released the data, with the SHFE 1807 contract climbing up to 51,450 yuan/mt before closing on the morning of Tuesday May 8.
As China imposes stricter inspections and restrictions on scrap imports from the US, copper scrap imports are likely to decline further. This will continue to bolster demand for refined copper. Copper imports into China extended its losses in April.
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