China’s copper imports soars to eight-month high
China’s copper imports rose 10.15% in September, making it their highest in eight months as high prices drew shipments to Shanghai, the world’s top consumer of the metal.
According to the General Administration of Customs, the arrival of unwrought copper, refined, and semi-finished copper products stood at 445,000 tons last month. This was higher than the 404,000 tons imported in August. However, the data was 14.6% lower from the 521,000 tons in 2018’s September, the highest monthly total since March 2016.
After September, Shanghai copper prices (SCFcv1) edged up 0.7%, averaging higher than London prices since recent months. This gave traders an opportunity to profit from the price difference by shipping metal into China.