Some copper smelters in China, the world's largest consumer of the red metal, are considering exporting their refined copper stocks due to poor domestic demand and higher prices overseas, two traders with direct knowledge of such moves said on Tuesday.
The traders, who have received enquiries from some Chinese smelters to export the copper, said those that were mulling such plans were so far limited to the ones that have a special exemption on paying export taxes. "We did have some inquiries and it makes sense given the prolonged poor arbitrage," said one Shanghai-based trader at a Western bank.