BEIJING: China’s copper imports jumped 23.7% in October from a year earlier, customs data showed on Tuesday, as low stocks and firm demand underpinned buying activity.
Imports of unwrought copper and copper products, used widely in the construction, transport and power sectors, totalled 500,168 metric tons, data from the General Administration of Customs showed.
The data includes anode, refined, alloy and semi-finished copper. The rising imports come amid low inventories in China’s domestic market.
Copper stocks on the Shanghai Futures Exchange were at a 13-month low on Oct. 27, down 85.6% from a peak in March. September and October traditionally see good demand for the metal as industrial activity ramps up after a summer lull, while higher consumer spending during the Golden Week holiday in early October also boosts demand.
China also unleashed additional economic stimulus measures - including property and infrastructure-related loans - to shore up its economy, improving the outlook for copper.
Enhanced appetite for imported copper was reflected in a rally in the Yangshan copper premium to $92 per ton on Oct. 31, more than tripling from the start of August and the highest since last November.
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