SHANGHAI, Oct 27 (SMM) — Customs data showed that China imported 505,900 mt of copper cathode in September, up 7.6% from August and up 60.8% from a year ago, and imports totalled 3.46 million mt in the first nine months of this year, rising 40.6% from the same period last year.
China's copper cathode exports rose 45.7% on the month and down 5.64% on the year to 16,400 mt in September, and totalled 161,500 mt in January- September, down 35.6% from the same period last year.
China's copper cathode imports in the first three quarters of this year will be equal to that of last year. The import window has been closed for four months, and the overseas trade market has maintained low liquidity for a long time. However, the import data deviates from the market sentiment, and the market speculates that such high imports may be related to "reserve and stockpiling".
At the same time, the rapid appreciation of yuan also boosted the copper cathode imports. Yuan has entered a rapid appreciation channel since July, and the offshore yuan against the US dollar has risen all the way around 7, reaching a minimum of 6.6237.