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China March copper imports down 8.8% y/y on sluggish demand

China’s copper imports in March fell for a third consecutive month, slipping 8.8% from the same period a year earlier, data from the General Administration of Customs showed on Wednesday, as the pandemic hurt manufacturing activity and consumption.

The world’s top metals consumer brought in 504,009 tonnes of unwrought copper and products last month, down from 552,317 tonnes in March 2021 and compared with 459,461 tonnes a month earlier, according to the customs data.

China’s official manufacturing Purchasing Manager’s Index fell below the 50-point mark to the lowest level since October 2021 in March.

COVID-19 outbreaks, specifically in Shanghai and Jilin province, have disrupted production activities such as auto manufacturing, as well as logistics.

“Copper demand in the second quarter is seen weak especially in the auto and property sectors,” said Che Guojun, analyst with state-backed research house Antaike.

Copper arrivals in the first quarter of the year stood at 1.47 million tonnes, up 2.6% from same period a year ago.

March imports of copper concentrate, or partially processed copper ore, totalled 2.18 million tonnes, according to the customs data, increasing slightly from 2.17 million tonnes in March 2021.

“China’s overall demand for copper ore is seen to increase this year on expectation of higher refined copper production,” Che added.

The country exported 594,361 tonnes of unwrought aluminium and products last month, said the customs.

China’s exports of aluminium during January-March were at 1.6 million tonnes, rising 26.7% on an annual basis, according to the customs.
Source: Reuters (Reporting by Min Zhang and Dominique Patton; Editing by Christian Schmollinger and Stephen Coates)

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