China Copper Imports Up 22%

One of the standout features of China’s commodity imports this year has been the surge in copper, which has taken place without a seemingly strong market narrative as justification, Reuters reported. Imports of unwrought copper climbed to 475,000 tons in May, according to customs data released on June 8, up 22% from the same month last year and the highest in 17 months. Imports for the first five months reached 2.15 million tons, up 16.7% on the same period in 2017. It’s not just unwrought copper shipments that are booming, with imports of ores and concentrates up 14% in the January-May period to 7.8 million tons, the most for the first five months of a year since at least 2000. When searching for reasons the obvious anchor is Beijing’s decision to ban the import of certain types of copper scrap, announced in April and scheduled to be implemented from the start of next year. However, it appears that the authorities are already limiting the importation of what is termed Category 7 copper scrap, which includes coiled copper cable and waste motors.