China's Copper Import QTY Down since June 2014 (Summary)
(China Customs)
According to China customs statistics, for January-October, China's imports of unwrought copper and copper materials (hereinafter as "copper") total 3.987 million tons, up 9.3% YOY; worth CNY 182.34 billion, up 2.6% YOY; average import price at 46,000 yuan per ton, down 6.2% YOY.

Main Causes of Copper Import Decrease since June:

(1) Downstream industrial consumption reduced, cutting down the imports.

(2) China's financial restrictions curtailed the financing-based import volume;

Considerable Problems:

(1) Chinese banks' overreaction against trade financing could affect the healthy development of the real economy.

(2) Rising processing fees are stimulating domestic smelting capacity, potential to intensify copper oversupply.

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