China's copperstock keeps dropping
9 Aug 2022 14:42 reported by Stanley Wang
According to China's customs statistics, in July, China's unwrought copper and copper product imports were about 464,000 tons, down by 13.8% month on month and sliding by 9.28% year on year.
In the first seven months, China imported unwrought copper and copper product with 3.41 million tons, increasing by 5.8% year on year.
The global nickel prices fell after it hit the record high in early March. With the falling nickel prices, China's downstream copper buyers were more willing to purchase it. At the same time, China's copper stock kept decreasing, and smelters stopped production due to summer examination. As of August 5, the stock dropped to 37,000 tons, which hit the record low from January 21.
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