Copper’s Scorching Rally May Hit Roadblock as Imports Drop
- China produces more metal locally from foreign ore supplies
- Move has sparked fears of steel-type glut for copper in China
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Copper’s searing rally in November could hit a roadblock as China’s imports of the metal shrink. The world’s biggest consumer is making more copper domestically than ever before, using supplies of foreign ore concentrate, which is curbing demand for the refined metal.
Overseas purchases of refined copper plunged to the lowest level in more than three years in October, contracting 45 percent from a year earlier, customs data showed Friday. Shipments in the past four months are a quarter below the same period last year. Domestic smelters, meanwhile, boosted output by 8 percent to a record in the first 10 months as purchases of foreign concentrate expanded 31 percent.