China imported 479,000 tons of unwrought Copper and Copper products in September, according to the General Administration of Customs on Monday, Commerzbank’s commodity analyst Carsten Fritsch notes.

Copper imports can be lower in the coming months

“This was a good 15% more than in the previous month. Imports were thus roughly at the previous year's level. The increase in imports is likely to have been in anticipation of stronger demand in the autumn. Whether this occurs or not will depend in part on the success of the monetary policy and fiscal policy stimulus measures that have already been implemented or announced.”

“Year to date, Copper imports are up 2.6% y-o-y. Imports of Copper concentrate in September were 2.44 million tons. This was slightly lower than in the previous month, when the second-highest level since the beginning of the data series was recorded, but almost 9% higher than in the previous year.”

“Imports in the first nine months of the year are 3.7% higher than in the same period of the previous year. The latest data suggest that the supply of Copper ore is improving, which would argue against significant cuts in Copper production in China. This is another reason why Copper imports could be lower in the coming months, which would argue against a rising Copper price.”