Global copper demand appears more robust than the market thought, as reflected by preliminary Chinese import statistics for May
Analyst with the German bank stated that, “While most market players had anticipated the third monthly decline in a row, a month-on-month increase of 11.9% was in fact reported.”
“Thus Chinese copper imports actually increased by around 52% year-on-year in the first five months of the year. The sharp slowdown in Chinese demand growth expected of late has so far failed to materialize.”
Chinese copper imports rose to 419,741 metric tons last month. Further, Chinese demand is likely to pick up further in the coming months as authorities seek to stabilize the economy, not only with monetary measures but above also with looser fiscal policy and new infrastructural measures.
London Metal Exchange (LME) copper stocks have halved since October and Shanghai Futures Exchange stocks are down 40% in just two months, meaning that “a picture emerges of a much tighter market situation for copper than many people expected.”
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Analyst with the German bank stated that, “While most market players had anticipated the third monthly decline in a row, a month-on-month increase of 11.9% was in fact reported.”
“Thus Chinese copper imports actually increased by around 52% year-on-year in the first five months of the year. The sharp slowdown in Chinese demand growth expected of late has so far failed to materialize.”
Chinese copper imports rose to 419,741 metric tons last month. Further, Chinese demand is likely to pick up further in the coming months as authorities seek to stabilize the economy, not only with monetary measures but above also with looser fiscal policy and new infrastructural measures.
London Metal Exchange (LME) copper stocks have halved since October and Shanghai Futures Exchange stocks are down 40% in just two months, meaning that “a picture emerges of a much tighter market situation for copper than many people expected.”
For more information Click Here
Stock Tips, Commodity Tips
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