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Chinese copper imports rise in October as demand outlook improves
Thursday, November 7, 2024 - 08:30
Foto Reuters

The government's economic stimulus in September also improved demand prospects for the metal used in energy.

China's imports of raw copper rose in October from a year earlier, customs data showed on Thursday, boosted by improving seasonal demand and brightening consumption prospects for the industrial metal.

Imports of raw copper and products were 506,000 metric tons last month, up 1.1 percent from the same period last year, according to data from the General Administration of Customs.

September and October are traditionally a period of strong demand for industrial metals as manufacturing activities pick up after the summer lull in the Northern Hemisphere, while the Golden Week holidays in October boost travel and consumption of goods.

The government's economic stimulus in September also improved demand prospects for the metal used in energy, construction and transport, pushing global prices higher.

China's manufacturing activity grew in October for the first time in six months, official data showed last week.

Services activity in the world's second-largest economy also expanded in October at the fastest pace in three months, a private sector survey showed this week.

Domestic inventories declined in August and September, boosting overseas cargo buying.

Meanwhile, the premium for copper delivered to warehouses in the eastern port of Yangshan, a widely watched indicator of China's import appetite, hit a yearly high of $69 a tonne in early October before easing to $48 a tonne last week.

The October figure was higher than the 479,000 tonnes imported the previous month.

Data includes anodes, refined, alloyed and semi-finished copper products.

In the first ten months of 2024, copper imports rose 2.4% to 4.6 million tonnes, the data showed.

China produced 10.04 million tons of refined copper in the first nine months of this year, up 5.4 percent from the same period last year, according to data from the statistical bureau.

Copper concentrate imports last month stood at 2.31 million tonnes, up 0.2% from a year earlier, according to customs data.

Copper concentrate imports amounted to 23.36 million tonnes in the first ten months, 3.3% more than a year earlier.

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Reuters