It is estimated that China's February imports of refined copper fell 15% from the previous month to 210,000 tons.
Due to China's Spring Festival holiday and early February, the copper/luncoal arbitrage space in China was adversely affecting China's imports. China's February copper and copper products trade data will be released on Thursday, while refined copper import and export data will be announced later this month.
The bank said in the report, "China's domestic demand for copper is slowing because of the high price of copper, and China tightened its monetary policy. As of March, copper stocks fell by about 82% compared with October of last year." Standard Chartered Bank One of the analysts said that the high copper price has hit demand and it is estimated that China’s copper demand will only pick up in late March.
Tuesday's Shanghai copper contract was reported at around 71,840 yuan per ton, up 19% from the early October of last year. "Market sentiment is mixed, but processors are still optimistic about the outlook for the medium term."
The analyst said that the decline in copper imports in February was mainly due to seasonal factors, so if copper prices fall, it is estimated that it is also temporary.
China's copper concentrate imports data for January showed that smelter producers are still increasing copper output.
The bank expects China's copper production this year is expected to be 4.9 million tons, an increase of 14% over the previous year, due to strong demand for power grid upgrades and household goods industries.
Due to China's Spring Festival holiday and early February, the copper/luncoal arbitrage space in China was adversely affecting China's imports. China's February copper and copper products trade data will be released on Thursday, while refined copper import and export data will be announced later this month.
The bank said in the report, "China's domestic demand for copper is slowing because of the high price of copper, and China tightened its monetary policy. As of March, copper stocks fell by about 82% compared with October of last year." Standard Chartered Bank One of the analysts said that the high copper price has hit demand and it is estimated that China’s copper demand will only pick up in late March.
Tuesday's Shanghai copper contract was reported at around 71,840 yuan per ton, up 19% from the early October of last year. "Market sentiment is mixed, but processors are still optimistic about the outlook for the medium term."
The analyst said that the decline in copper imports in February was mainly due to seasonal factors, so if copper prices fall, it is estimated that it is also temporary.
China's copper concentrate imports data for January showed that smelter producers are still increasing copper output.
The bank expects China's copper production this year is expected to be 4.9 million tons, an increase of 14% over the previous year, due to strong demand for power grid upgrades and household goods industries.
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