China’s May imports of unwrought copper and semi-finished copper products hit a fresh high for the fourth straight month on continued arbitrage trade, though domestic consumption waned ahead of low seasonal demand in the summer.
Imports of unwrought aluminium and semi-finished aluminium products in May dropped 24.6 percent on the month due to reduced arrivals of booked arbitrage imports for primary aluminium after record inflows in April.
China, the world’s top consumer of copper and aluminium, imported 422,666 tonnes of unwrought copper, including anode, refined and alloy, and semi-finished products, in May, up 5.7 percent from April’s record 399,833 tonnes, data from the General Administration of Customs showed on Thursday.
The data from China provided enough boost to Copper prices and as expected breach above Rs 250 per kg sparked Copper towards Rs 256.75 per kg before closing at Rs 255.85 per kg. Morning session today is expected to bring profit booking in the counter with price targets of Rs 253-52.
