SHANGHAI Chinas refined copper exports climbed for a third consecutive month in November as smelters there were said to have increased sales of toll-rolled product after a tax cancellation and improved export arbitrage.
Refined copper exports totaled 20,975 tonnes last month, up 64.3 percent from October volumes and marking the highest level since June, according to Chinese customs data released Friday.
No surprise as smelters have made contract export deals next year, a Shanghai-based analyst at Orient Futures (Hong Kong) Ltd. told AMM sister publication Metal Bulletin.
Smelters with tolling certification had boosted outbound shipments in September as China scrapped a 3-percent tax for toll-rolled copper exports in the summer months.
Some smelters were recently said to have negotiated premiums of $70 to $80 per tonne on contract tolling exports, market players said.
Meanwhile, Chinas monthly output of refined copper climbed to a record high of 531,000 tonnes in November as smelters expanded capacity.
Imports of refined copper were 250,666 tonnes for the month, up 8.7 percent month on month but down 27.1 percent year on year.
A version of this article was first published by AMM sister publication Metal Bulletin.