Copper imports by China fell for a second consecutive month in May in response to domestic stockpiling and an expected weakening in demand, Bloomberg reported. Shipments of copper and copper products – used to make wire and pipes for construction and manufacturing – came to 396,712 metric tons, down 6.1% year-on-year and 9.1% month-on-month. Stockpiles of the metal monitored by the Shanghai Futures Exchange fell 17% from a seven-year high to 157,698 tons in May. However, stockpiles remain 60% higher than at the start of the year. Analysts said imports are moderating but still high, which would add to oversupply and may push prices lower. Imports of aluminum and aluminum products came to 94,487 tons in May, down from 93,340 tons the previous month. Meanwhile, soybean imports climbed 4.1% month-on-month to 4.37 million metric tons. Purchases for the first five months were 19.6 million tons, up from 17.4 million tons a year ago.
Categories