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China's copper imports jumped by 19.4 percent from the same month a year ago to 430,000 tonnes in May, customs data showed on Wednesday, as term shipments remained strong despite higher prices in overseas markets. Shipments eased from the month before, however, falling by 4.4 percent from April, data from the General Administration of Customs showed. Arrivals of the metal including refined copper, copper alloys and semi-finished copper products have reached 2.31 million tonnes in the first five months of 2016, up 22.1 percent from a year ago.
Given that the difference between Shanghai and global copper prices has not been attractive for imports into China, Daniel Hynes, an analyst with ANZ in Sydney, said it was a "reasonable result." "I would expect imports to ease in June on seasonal factors, and also the arbitrage has turned negative for Chinese traders." China's copper demand tends to be strongest in the second quarter, on pent up demand after the Lunar New Year holiday and before the northern hemisphere summer.
Shipments into China have remained strong this year, as a weaker dollar boosted the purchasing power for China's copper buyers, swelling exchange and bonded inventories. Exchange stockpiles hit record highs in March. At the same time, China's smelters have ramped up output on more new international mine supply. The glut has hurt the demand for spot refined copper, already hampered by a slowing economy in the world's top producer of the metal. Premiums for spot copper in Shanghai's bonded zones reached four-year lows of $45 a tonne this week.
Chinese traders have shifted copper stocks to Asian warehouses registered with the London Metal Exchange as domestic demand wanes and banks unwound financing deals. Traders expected further increases in coming months. China's imports hit a record 570,000 tonnes in March as price differentials between domestic and international markets favoured imports in previous months.
China exported 420,000 tonnes of unwrought aluminium and aluminium products, including primary, alloy and semi-finished aluminium products, in May, up 5 percent from April's 400,000 tonnes, data showed. Aluminium exports were 2.4 percent higher than the same month in 2015. Total exports fell 7.9 percent to 1.9 million tonnes for the first five months of this year.

Copyright Reuters, 2016

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