China Copper Imports at a 22-Month Low

According to data published by the General Administration of Customs today, Chinas copper imports dropped to 183 023 metric tons last month, its lowest level since June 2011. Exports sunk 52% to 29 072 tons compared to 60 642 tons in March. This is the first contraction in copper exports for the last eight months.

Scrap-copper imports dropped to 336 634 tons in April, down 9% compared to April 2012. Inbound shipments for the January-April period contracted by 4,7% to 1,37 million tons and imports from the U.S. fell 13% last month.

Copper-concentrate imports rose to 842 838 tons, which is more compared to 777 838 tons in March and 474 903 tons in April 2012. Total imports increased for the first four months of the year 37% and reached 3,06 million tons.

Standard Bank Plc said in its monthly research report on base metals on May 17 that a little pick-up in demand is expected in the second quarter by under-stocked Chinese manufacturers. However, it is not supposed to last in the summer and wont be a long-term influencing factor for copper pricing.

Meanwhile on the Comex division of the New York Mercantile Exchange, copper futures for July delivery dropped 0,2% on the day and traded at $3.353 during the European morning. Copper traders, as gold and oil traders, remain cautious and are awaiting Ben Bernankes testimony at the U.S. Joint Economic Committee and the minutes of FEDs recent policy meeting, both scheduled for Wednesday.