From Paradigm Capital
On Wednesday , a day after the ICSG,China released June import numbers, announcing a surprising surge in copper demand of 6% y/y for the first 4 months of 2016,
Details: While imports in total were down from the previous month in June they were up 20% from the previous year. Q2 copper imports in all forms, refined, scrap and in concentrate, totaled 2.3M tonnes the third largest quarterly import level and a record Q2. First half 2016 imports now total 4.7M tonnes beating the previous high of 4M tonnes recorded in 2014 and up 24% from last year which proved to be a record year at 8.6M tonnes.
Conclusion: Nothing wrong with Chinese copper demand.
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