China’s imports of raw copper fell 8.2% in April from the previous month, customs data showed Thursday, as rising global prices reduced buyers’ appetite.
Imports of raw copper and products into China, the world’s largest consumer of the metal, totaled 438,000 metric tons in April, up from 474,000 tons in March, according to data from the General Administration of Customs.
Data includes anodes, refined products, alloys and semi-finished copper products.
Copper saw a sharp rise last month, driven by commodity shortages, demand optimism driven by the new energy and AI sectors, and speculative buying.
Benchmark copper on the London Metal Exchange (LME) rose 13% in April, surpassing its two-year high of $10,000 per tonne on April 29.
The most traded copper contract on the Shanghai Futures Exchange also rose 13% last month to reach a record high.
Rising prices have weighed on purchases, as shown by the decline in the Yangshan premium, an indicator of import demand which fell to zero at the end of April for the first time on record.
Imports of copper concentrate stood at 2.35 million tonnes in April, up 11.9% from a year earlier, according to customs data.
Imports totaled 9.34 million tonnes in the first four months, up 6.9% from a year earlier. (Reporting by Siyi Liu and Mei Mei Chu; Writing by Himani Sarkar and Christopher Cushing)
