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Views: 2 Author: Site Editor Publish Time: 2020-09-21 Origin: Site
The "China factor" remains the focus of the global copper market
Demand is up and supply is down
China's manufacturing and construction industries consume about half of the world's copper.Both industries were shut down in early 2020 due to the COVID-19 outbreak, but have now recovered strongly, with Factory activity in China in June growing at its fastest pace since December.
China's imports of unwrought copper rose 50 per cent month-on-month to a record 656,483 tonnes in June, more than double the volume imported in the same period in 2019.Despite the disruption caused by coVID-19, China's total copper imports in the first six months of 2020 still stood at 2.84 million tonnes, up 25 per cent from the same period last year.
Copper prices are also supported by supply factors.Covid-19 continues to plague Chile and Peru, the world's largest copper producers.Peru's copper output fell 42 per cent in May, while Codelco, Chile's state-owned copper company, temporarily closed its largest smelter and refinery and suspended construction at its flagship mine.
Manufacturing and infrastructure are the main consumer sectors
China's strong demand for copper is expected to continue, driven by government stimulus measures.To help manufacturers recover from the COVID-19 epidemic, the Chinese government has introduced tax breaks for manufacturers and reduced lending rates.
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