Chinese copper imports continue to shrink for the fifth consecutive month in August. Chinese copper imports fell by 41pc to 394,017mt, according to the data released by the Chinese customs department.
Following the release of import, export data, the three-month copper contract on LME fell by 0.3pc to $9,421/mt intraday on Monday and the October contract eased by 0.1pc to CNY69,310/mt($10,738/mt) on Shanghai.
London Copper prices are hovering between $9,000-10,000/mt since May this year, after hitting a record-high $10,747.50/mt in the month.
For the Jan-Aug period, copper imports were at 1.52mn mt up from 1.42mn mt in the prior-year period, up by 7.5pc.
Chinese exports of unwrought aluminium and aluminium products were at 3.57mn mt in Jan-Aug 2021, up from 3.13mn mt in the prior-year period. China exported 490,285.8mt of unwrought aluminium and aluminium products in August, up by 23.98pc from 395,424mt in the prior-year period. Despite elevated Shanghai aluminium prices which hit a 10-year high in August-end to reach CNY21,850/mt ($4,313.85/mt) on supply scare due to tougher electricity curbs in the Guanxi region, exports recorded a rise.