Copper: imports into China in August fall due to weak demand and rising domestic production

China’s copper imports fell 5 per cent in August from a year earlier, customs data showed on Thursday, due to a slowdown in the economy and demand, while domestic producers increased production.

Imports of raw copper and copper products, widely used in the construction, transport and energy sectors, totalled 473,330 metric tonnes in August, according to General Administration of Customs data. The figures include anode, refined, alloyed and semi-finished copper.

Copper Imports to China (tons) – Powered by Commodity Evolution

China, the world’s leading metals consumer, is grappling with sluggish manufacturing activity and a deepening real estate slump, exacerbated by a debt crisis at its major property developer Country Garden. Rising domestic production this year is also weighing on demand for imported copper. Last month, China’s production of refined copper rose 15.5% year-on-year to a record 989,000 tonnes, slightly exceeding expectations.

Change % Copper Imports China – Powered by Commodity Evolution

Strong domestic production boosted demand for commodities, with imports of copper ore and concentrate rising to a record 2.7 million tonnes in August, up 10.9 per cent from August 2022 and an all-time high.

The three-month copper contract on the London Metal Exchange slipped to more than three-month lows in mid-August, weighed down by concerns over the global economic outlook and rising dollar interest rates.

Imports of refined copper from CMOC Group’s TFM mine in the Democratic Republic of Congo resumed after the Chinese company settled a dispute with the state-owned miner.

Copper – 3 month $/ton daily