China's Copper Imports Reached a One-Year High in November

In November, China's copper imports surged to the highest level in the past year, driven by shipments from Africa and purchases aimed at replenishing domestic stocks. According to data from the General Administration of Customs, imports of unrefined copper and its products rose by 4.3% compared to October, reaching 528,000 tons. This figure represents the highest level observed since imports reached 550,566 tons last November. The increase in imports coincided with a further decline in domestic stocks last month. Deliverable copper stocks on the Shanghai Futures Exchange fell by 29% from 153,221 tons on November 1 to 108,775 tons on November 29, marking the lowest level in the past nine months. According to the data, unrefined copper imports in the first 11 months of the year increased by 1.7% year-on-year, reaching 5.13 million tons. Last month, copper concentrate imports decreased by 7.8% compared to the previous year, totaling 2.25 million tons. Copper concentrate imports in the first 11 months rose by 2.2% year-on-year, reaching 25.6 million tons.