MTECHTIPS ;-China's Sept Copper imports bounce back sharply

MTECHTIPS ;-China's Sept Copper imports bounce back sharply

The world's biggest copper consumer China's September import rebounded sharply from August this year mainly due to bookings made late year and did not reflect a revival in underlying demand.Mainland China's unwrought copper and semi imports gained 11% month-on-month to 395 kilo tons in September this year and also up just 3.8% year-on-year, the slowest in 13 months, according to the latest data released by China's General Administration of Customs. Country imported 356 kilo tons of copper in August.According to Barclays Capital, "the base metal prices rallied in early September following the announcement of monetary easing measures in Europe and US and stimulus promises from China. As we have written recently, the price action drove imports higher, but demand lagged. As a result, bonded warehouse copper stocks built an estimated 100Kt to 650Kt by the end of September, and financing imports also increased."China's copper scrap imports also continued to recover modestly to 460Kt but remained around the five-year average as per China’s customs bureau data

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