China's imports of copper rose 9.3% from a year earlier.
China’s imports of copper rose 9.3% from a year earlier, customs data on Sunday showed, as a sharp drop in the price of the metal triggered buying appetite amid falling domestic inventories.
Copper prices, often seen as an economic bellwether, plunged by one-third from a March high to mid-July as China’s covid-19 control measures hurt manufacturing activities and amid growing fears of a global economic recession. “There was large-volume buying from Chinese copper users and traders when the market hit lows,” said He Tianyu, a copper analyst at CRU Group, prior to the release of the customs data. This was against the backdrop of falling domestic inventories of copper, with some smelters shut for summer maintenance.
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