China's monthly copper imports volume has been descending from the beginning of May. The refined copper imports was 116,700 tons in May which was much less than 186,000 tons in April, while it's 108,100 tons in June which was continuing to descend than that in May. Meanwhile, National Bureau of Statistics published that the accumulated domestic refined copper production is 1,566,200 tons from January to June, increasing by 12.9% over than the previous year.
Along with the increase of domestic copper concentrate and waste copper imports in recent several months, it's expected that the rising tendency of domestic copper concentrate production would still keep on moving, which makes the domestic supply much more enough.
Moreover, it has been in the low season for the Refrigeration and Air Conditioning Industry to use copper, which aggravates the situation of domestic copper oversupply. Although LME copper stock stand in a lower level at the moment, the future China's imports decrease is possible to bring strong stress to the copper price.
