China’s copper imports slid 1.5% in October from a year earlier on softening demand amid COVID-hit factory activity and rising domestic production.
Unwrought copper and copper product imports into China, the world’s largest consumer of the metal, totalled 404,414 tonnes in October, including anode, refined, alloy and semi-finished copper products, data from the General Administration of Customs showed on Monday.
China’s factory activity unexpectedly fell in October, an official survey showed, weighed by softening global demand and strict COVID-19 restrictions, which hit production.
That has hampered the demand for copper, the metal which is widely used in electrical as well as construction and transportation equipment.
Domestic refined copper production has also increased.
Output reached 936,600 tonnes in September, up 3% from the previous month and up 18.7% from a year ago, according to information provider Shanghai Metals Exchange
October’s import marked a decline of 20.7% from 509,954 tonnes imported in September.
This was partly due to a drop in speculation activities as the Shanghai Futures Exchange was closed in the week to Friday Oct.7 due to the Golden Week holiday, according to futures traders in the market.
The country exported 479,278 tonnes of unwrought aluminium and aluminium products, including primary, alloy and semi-finished aluminium products, in October.
