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
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
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
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
A version of this article was first published by AMM sister
publication Metal Bulletin.