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Respite for Freeport as Chinese Copper Imports Spike in September-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
10/19/2017 Copper exhibition -non-ferrous metals expo |
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Market Realist reported that Chinese copper imports are an indicator of the country¡¯s copper demand. Although China is the key driver of global steel and aluminum supply, copper mining is concentrated in Latin America.
China is the world¡¯s largest copper importer. China imported 430,000 metric tonnes of unwrought copper and copper products in September 2017, in contrast to 340,000 metric tonnes in September 2016. The country¡¯s September unwrought copper imports registered an impressive 26.5% year over year increase.
China¡¯s imports also rose on a monthly basis. Before September, Chinese unwrought copper imports were flat for four months, as the graph above shows.
In September 2017, China¡¯s dismal copper imports data had triggered a sell-off in copper prices. Copper miners such as Freeport-McMoRan, Southern Copper and Glencore also saw negative price action in September as copper prices fell 4.2%.
China also imports copper concentrates that are processed in the country. In September, China imported ~1.5 million metric tonnes of copper ores and concentrates, compared to ~1.4 million metric tonnes in September 2016.
Higher Chinese copper imports are positive for copper mining companies. Copper prices have been quite strong this month after the brief sell-off in September.
Among other factors, several supply-side factors have supported copper prices this month. You can read Copper¡¯s on a High: Why Investors Are Optimistic to analyze the various factors that are driving copper this month.
-2018 China(Guangzhou)Int¡¯l Non-Ferrous Metal£¨Copper£©Exhibition
-Non-Ferrous Metal exhibition, 2018
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