China’s copper imports in November rose 24.3% from the previous month, customs data showed on Tuesday, hitting their highest since March, as demand for the metal increased after the easing of a power crunch that had dented industrial production. Arrivals of unwrought copper and products in the world’s top consumer of copper stood at 510,402 tonnes last month, the General Administration of Customs said. That was a third straight rise on the month, but was still down 9.1% from a year earlier. Activity in China’s copper-intensive manufacturing and construction industries picked up in November as widespread power rationing and a surge in prices of raw material eased. Last month, customs told companies, including copper importers, that it would temporarily stop issuing value-added tax (VAT) invoices as it looked to defer some tax revenue into 2022, potentially discouraging purchases. However, in another sign of improving demand, refined copper stocks in Shanghai bonded warehouses SMM-CUR-BON fell another 17% in November to stand now at just under 170,000 tonnes, their lowest in records dating to 2013.
Arrivals of copper concentrate, or partially processed ore, came in at a record high of 2.19 million tonnes in November, up 21.9% from the previous month. “Easing power shortages and favourable treatment charges encouraged more concentrate buying,” ANZ analysts wrote in a note. The higher purchases also reflected lower smelter maintenance in November than previous months, said CRU analyst Craig Lang. Copper miners in talks with smelters on 2022 contracts are closely watching China’s concentrate imports, with a looming shutdown of the Las Bambas mine in Peru set to hit supply. China’s exports of unwrought aluminium and products were 509,318.50 tonnes in November, customs said. That was up 6.2% from October, up 20.1% on the year and the highest monthly total since March 2020.