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Improved Factory Activity takes China copper imports to 13-month High

9 Dec 2019 9:15 am
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Mumbai (Commodities Control) - China's copper imports rose 12.1% in November from the previous month to their highest in more than a year, as an unexpected improvement in the manufacturing sector drove up demand.

Data from the General Administration of Customs showed, imports of unwrought copper including anode, refined and semi-finished copper products into China stood at 483,000 tonnes last month, highest since September 2018.

The imports were up from 431,000 tonnes in October, and 5.9% higher than 456,000 in November 2018.

For the first 11 months of 2019, imports of unwrought copper were down 8.5% from a year earlier at 4.45 million tonnes.

The higher monthly number comes as factory activity in China, the world's top copper consumer, improved unexpectedly in the manufacturing sector in November, as demand rose on stimulus measures to steady growth.

Analysts are hopeful of rise in China's overall copper imports during the fourth quarter amid low inventory levels.

Copper stocks in bonded warehouses in China have been declining since June and were at 245,500 tonnes on Nov. 30, the lowest since at least June 2013.

November imports of copper concentrate came in at 2.157 million tonnes, up 12.7% from 1.914 million tonnes in October and up 27% on year.

Copper concentrate imports for January-November stood at 20.11 million tonnes, up 10.2% year-on-year.


       
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