Abstract: China's copper exports in 2021 will increase by 25% year-on-year and hit a record high, customs data released on Tuesday showed, as international copper prices hit a record high in May last year, encouraging traders to export copper.
China's copper exports in 2021 rose 25 percent year-on-year and hit a record high, customs data released on Tuesday showed, as international copper prices hit a record high in May last year, encouraging traders to export copper.
In 2021, China exported 932,451 tonnes of unwrought copper and finished products, up from 744,457 tonnes in 2020.
Copper exports in December 2021 were 78,512 tonnes, down 3.9% from November's 81,735 tonnes, but up 13.9% year-on-year.
On May 10 last year, the London Metal Exchange (LME) copper price hit an all-time high of $10,747.50 a tonne.
Improved global copper demand also helped boost exports. Analysts pointed out that copper demand outside China in 2021 will increase by about 7% from the previous year, recovering from the impact of the epidemic. For some time last year, the price of Shanghai copper futures was lower than that of London copper futures, creating a window for cross-market arbitrage. Encourage some manufacturers to sell copper overseas.
In addition, China's copper imports in 2021 will be 5.53 million tons, lower than the record high in 2020.
Post time: Apr-12-2022