Although the recovery in the SHFE/LME copper price ratio at end-April and in the second half of May brought import opportunities, those imports can hardly be reflected in Customs data in May. Considering that shipments from LS MnM smelter in South Korea increased after the completion of maintenance, China’s copper cathode imports should rise in May.
China's imports of unwrought copper and copper semis totalled 444,000 mt in May. Based on this data, China’s copper cathode imports in May should be 270,000 mt, up 8% on the month but down 7% on the year.
