China’s Unwrought Copper Imports Hit 13-Month High in December
China’s imports of unwrought copper and copper products surged to a 13-month high in December, reaching 559,000 metric tons, a 17.8% increase compared to the same period last year, according to customs data released on Monday. This marks a 5.87% rise from November, attributed partly to sellers meeting remaining obligations under annual contracts.
For the entirety of 2024, China imported 5.68 million tons of unwrought copper, including anode, refined, alloy, and semi-finished products. This represents a year-on-year increase of 3.27%.
Copper concentrate imports also rose, reaching 2.35 million tons in December, a 1.65% increase from the previous year. Total imports of copper concentrate for 2024 stood at 28.11 million tons, reflecting a 2.1% year-on-year growth.
The increase in December imports came as copper prices fell in both Chinese and global markets due to a stronger US dollar, which raises the cost of US-dollar-priced commodities for buyers using other currencies. On the Shanghai Futures Exchange, deliverable copper stocks rose to 83,174 tons on January 3, up 17.3% from a 10-month low of 70,894 tons recorded on December 20.
China’s position as a leading importer of copper reflects its critical role in the global market. The latest figures underscore steady demand for the metal, even amidst fluctuating prices and broader market conditions.
