Save
PrintReuters reported that China's imports of copper are expected to drop for a third straight month in May as unfavorable prices and high stockpiles of the metal at the world's top consumer continues to erode demand while oil shipments are also likely to move south.
With copper prices on the London Metal Exchange much higher than domestic prices in May, data later this month is also expected to show exports of the metal jumping as the country's top smelters and traders sold to overseas markets to help ease the glut at home.
For oil, where China is the world's No 2 consumer high prices and slackening demand are expected to curb its import appetite, causing shipments to ease from April's 5.42 million barrels per day.
Traders said that arrivals of copper may have declined last month from April because the costs of importing physical metal were more than CNY 2,000 per tonne higher than domestic prices for much of May and domestic demand remained weak. High stocks have also prompted importers to delay or cut term shipments.
A trader at a large Western supplier of refined copper to China said that "Arrivals in May should not be higher than April. Traders will also keep a close watch on how much of the metal China has exported after smelters and merchants shipped out around 110,000 tonnes of refined copper cathode.
With copper prices on the London Metal Exchange much higher than domestic prices in May, data later this month is also expected to show exports of the metal jumping as the country's top smelters and traders sold to overseas markets to help ease the glut at home.
For oil, where China is the world's No 2 consumer high prices and slackening demand are expected to curb its import appetite, causing shipments to ease from April's 5.42 million barrels per day.
Traders said that arrivals of copper may have declined last month from April because the costs of importing physical metal were more than CNY 2,000 per tonne higher than domestic prices for much of May and domestic demand remained weak. High stocks have also prompted importers to delay or cut term shipments.
A trader at a large Western supplier of refined copper to China said that "Arrivals in May should not be higher than April. Traders will also keep a close watch on how much of the metal China has exported after smelters and merchants shipped out around 110,000 tonnes of refined copper cathode.
Copyright © 2013 Ferro-Alloys.Com. All Rights Reserved. Without permission, any unit and individual shall not copy or reprint!
- [Editor:editor]
Daily News
Research
Magazine
Company Database
Customized Database
Conferences
Advertisement
Trade
Tell Us What You Think