{"id":1206166,"date":"2020-09-08T14:39:35","date_gmt":"2020-09-08T19:39:35","guid":{"rendered":"https:\/\/www.mining.com\/?p=1034966"},"modified":"2020-09-08T14:39:35","modified_gmt":"2020-09-08T19:39:35","slug":"copper-price-drops-despite-65-surge-in-china-imports","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1206166","title":{"rendered":"Copper price drops despite 65% surge in China imports"},"content":{"rendered":"

Copper prices pulled back sharply on Monday despite near record level Chinese imports and dwindling global inventories of the metal. <\/p>\n

Copper for delivery in September trading in New York changed briefly dipped below the $3.00 a pound ($6,600 a tonne) in afternoon trade, declining 2% from the more than two-year high struck Friday.<\/p>\n

Customs data released on Monday showed China\u2019s unwrought copper imports (anodes and cathodes) in August declined to 668,486 tonnes\u00a0 from July\u2019s record haul of 762,211 tonnes, but still up 65% from August last year.<\/p>\n

Year to date imports now total 4.27m tonnes, up 38% from 2019 and on track to easily beat 2018\u2019s annual record of 5.3m tonnes. <\/p>\n

August imports of copper concentrate fell by more than 12% from the same month last year to 1.59m tonnes,\u00a0 on lingering supply disruptions from Peru and Chile, China\u2019s top suppliers.<\/p>\n

\"Copper<\/a><\/figure>\n

Arbitrage window closed<\/h2>\n

Copper traded in London could be picked up at a steep discount to Shanghai prices earlier this year incentivizing imports, but that arbitrage opportunity no longer exists thanks to a 50% rally in the LME price from its March lows. <\/p>\n

China copper demand analyst He Tianyu at CRU Group told Reuters given that imports “are still higher year-on-year and last month\u2019s base number is already pretty high. If the arbitrage window opens again, imports could increase again.\u201d<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Copper price dips below $3.00 as Shanghai–London arbitrage window shuts.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1206166"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1206166"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1206166\/revisions"}],"predecessor-version":[{"id":1206684,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1206166\/revisions\/1206684"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1206166"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1206166"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1206166"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}