China's Copper Imports Rise in October as Demand Outlook Brightens

Forex - According to customs data, China's imports of unrefined copper increased in October compared to the previous year. According to the General Administration of Customs, the import of unrefined copper and its products reached 506,000 tons last month, marking a 1.1% increase from the same period last year. September and October traditionally see strong demand for industrial metals due to the recovery of manufacturing activities following the summer lull and the support provided by travel and consumption during the Golden Week holiday in October. The government's economic stimulus in September also bolstered the demand outlook for metals used in energy, construction, and transportation, driving global prices higher. A widely monitored indicator of China's import appetite, the premium for copper delivered to warehouses at the Yangshan port in the east dropped to $48 per ton last week after peaking at $69 per ton at the start of October, marking the highest level of the year. The October figure showed an increase compared to 479,000 tons imported in the previous month. Data indicates that copper imports for the first ten months of 2024 rose by 2.4% to 4.6 million tons. According to the statistics bureau, China produced 10.04 million tons of refined copper in the first nine months of this year, a 5.4% increase compared to the same period last year. Customs data shows that copper concentrate imports last month rose by 0.2% year-on-year to 2.31 million tons. Copper concentrate imports for the first ten months increased by 3.3% year-on-year to 23.36 million tons.