China’s unwrought copper imports in April fell 7.6% from the previous month, according to data from the General Administration of Customs. Imports of unwrought copper and products in China, the world’s biggest consumer of the metal, were 438,000 metric tons in April, compared with 474,000 tons in March. However, imports were still 7.5% higher than a year ago.
The drop in imports was attributed to a surge in global copper prices, which dampened buying appetite among consumers. Benchmark copper on the London Metal Exchange (LME) advanced 13% in April, surpassing $10,000 a ton on April 29, the highest level since April 2022. Copper prices on the Shanghai Futures Exchange also gained 13% last month, hitting a record high.
“Some copper users refrained from buying after prices surged,” the report said. “Higher global prices also prompted China’s copper producers to lift their exports of metal.”
As a result, the premium Chinese buyers were willing to pay above LME prices for metal imported through the port of Yangshan fell to zero on April 23 for the first time ever.
However, year-on-year imports rose due to improving demand for home appliances, machinery, new energy devices, and power grids, according to He Tianyu, a copper analyst at commodity research house CRU.
China imported 1.81 million tons of unwrought copper and products in the first four months, up 7% from the same period in 2023. Imports of copper concentrate were 2.35 million tons for April, up 11.9% from a year earlier, and totaled 9.34 million tons in the first four months, up 6.9% from a year earlier.