China’s Copper Imports Rise in September Amid Improved Demand
China's imports of unwrought copper increased in September compared to the previous month, driven by seasonal demand improvements and a positive consumption outlook for the industrial metal, according to customs data released on Monday.
Imports of unwrought copper and related products reached 479,000 metric tons last month, marking a 15.4% rise from August, data from the General Administration of Customs showed.
"Buying emerged in the first two weeks when prices were relatively low," noted He Tianyu, a copper analyst at commodity research firm CRU. Additionally, copper users ramped up restocking activity in September ahead of the Golden Week holiday at the start of the month, a period when consumers typically buy products that contain copper, such as white goods and cars.
Higher global copper prices also contributed to improved import figures, as they created an arbitrage opportunity for traders to profit by importing copper, analysts and traders reported.
Last month, China, the world's second-largest economy, introduced its largest stimulus package since the pandemic to boost economic growth, which included cutting mortgage rates and loosening restrictions on home purchases. This, combined with a significant interest rate cut by the U.S. Federal Reserve, brightened the demand outlook for copper, thereby supporting price increases.
Further supporting import activity was a decline in copper inventories in China. Deliverable copper stocks on the Shanghai Futures Exchange fell to a seven-month low of 140,408 tons on September 27, reflecting robust demand for the metal.
Despite the monthly increase, September's imports were comparable to the 480,426 tons recorded in September 2023. The data includes imports of anode, refined, alloy, and semi-finished copper products.
For the first nine months of the year, copper imports increased by 2.6%, totaling 4.09 million tons, the data showed. Additionally, imports of copper concentrate stood at 2.44 million tons in September, an 8.9% rise from a year earlier. Copper concentrate imports totaled 21.06 million tons for the first nine months of 2024, up 3.7% compared to the previous year.
