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China's copper imports fell 18% from the April record in May

Customs data released on Monday showed that China imported 2.4 metric tons (mt) of copper concentrates in May. This is 18% less than the record set in April, even though smelters maintained production levels.

Data from the General Administration of Customs revealed that imports increased 5.8% compared to the same period a year ago. Imports are up 7.4% for the year to date at 12,4 million tons.

Analysts at a Beijing futures company said that the drop in the month-on-month was not unexpected, given the April record. However, the decline was greater than expected, as smelters did not reduce output.

Four market sources said that the increased prices of sulphuric acids, a byproduct of smelting, helped to offset the negative Treatment and Refining charges (TC/RC), which is a barometer for smelter profits.

The data shows that imports of copper unwrought and copper products dropped 16.9% over the year and 2.5% month-on-month to 427,000 tonnes. Imports have fallen 6.7% year-to-date to 2,17 million tons.

Imports of unwrought copper products and copper products into China, which is the world's largest copper and aluminum consumer, include copper alloys, copper anodes and semi-finished goods.

China exported 547,000 tonnes in May of aluminium unwrought and products including alloys, primary and semi-finished products. This is up 5.6% from the previous month, but down 3.2% from the year. Volumes for the year to date have fallen 5.1%, reaching 2.43 million tonnes. Hongmei Li, Christopher Cushing and Christopher Cushing (reporting)

(source: Reuters)