BEIJING: China’s unwrought copper imports in the first two months of 2023 fell 9.3% from a year earlier, customs data showed on Tuesday, as higher global prices lowered buying appetite.
Arrivals of unwrought copper and products into China, the world’s biggest consumer of the red metal, were 879,000 tonnes in January and February, down from 969,289 tonnes in the same period a year earlier, according to the General Administration of Customs.
A surge in COVID-19 cases across the country after Beijing abruptly exited its zero-COVID policy in early December disrupted industrial activities, dampening copper demand.
The metal is widely used in the power, construction and transportation sectors. Rising global prices also curtailed demand in January and February, when the market is normally weak because of China’s week-long Lunar New Year holiday.
Copper slides as China’s growth target disappoints
Although manufacturing activity was strong in February, actual copper consumption has yet to pick up because end users have sufficient stocks amid the slow demand.
London copper prices have also rallied sharply, deterring imports, traders said.
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