Preliminary China’s Customs data showed strong domestic demand for industrial metals. Imports of unwrought Copper rose 9.1% YoY (+4.3% MoM) to 480kt in July, ING's commodity experts Ewa Manthey and Warren Patterson note, ING's commodity experts Ewa Manthey and Warren Patterson note.

Copper concentrate shipments surge amid robust refining output

"However, cumulative Copper imports are still down 2.7% YoY to 3.1mt in the first seven months of the year. Uncertainty over US tariffs on Copper imports shifted supply from China to the US in the first half of the year. This trend may reverse in the second half, as Trump drops plans for a 50% tariff on refined Copper."

"Meanwhile, Copper concentrate imports increased 18% YoY (+8.9% MoM) to 2.6mt last month, as strong domestic refined output boosted demand for raw materials. On a year-to-date basis, imports of Copper concentrate rose 7.7% YoY to 17.3mt."