June 2012 | Base Metals
Chinese imports exceed expectations in May: Copper - Market Analysis
Once again prices extended lower last week, with LME and CFTC data showing that shorts are coming thick and fast now. In theory, there may still be room on the downside, as prices remain comfortably above production costs, but we believe that it would take a further turn for the worse in the global economic outlook for these levels to be tested. This is not our base case. Chinese import data, released yesterday, surprised on the upside. Exports, published later in the month, are likely to do the same.
Do strong Chinese imports point to demand improvement?...
Freshly released figures from Chinese customs show a surprising upturn in import volumes during May. In the month China imported a combined 419,700 tonnes of refined copper, alloy and copper products, which was a sizeable increase against the April figure of 375,300 tonnes, and the first increase in three months. There was nothing in the way of...
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