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In the first 10 months of this year, China imported 3.
82 million tons of copper and copper products, down 4.
2%
year-on-year, according to official data.
During the same period, China's refined copper production increased by 6.
8% to 6.
456 million tons
.
China's weak economy has led to a sharp decline in copper demand, and industry insiders expect that China's refined copper imports are experiencing an unprecedented slowdown
.
According to Bloomberg, citing Stephen Huang, CEO of trading firm Arc Resources Co, copper shipments are expected to shrink by 10%
in 2016, given poor market demand, increased domestic supply and reduced demand for copper financing.
The company, a large copper importer in China that controls about one-tenth of copper imports, was founded in Shanghai in 2010 and had sales of $7.
9 billion last year and $9.
3 billion
in 2013.
Huang also mentioned that the growth of copper demand in China has peaked and the pace of expansion may slow to an average of about
2% per year in the next few years.
Earlier, Goldman Sachs released a research report predicting that copper prices will fall to $4,800 by the end of this year, and will fall further to $
4,500 next year.
And if a series of headwinds are concentrated, copper prices may even fall below $
4,000.
In the first 10 months of this year, China imported 3.
82 million tons of copper and copper products, down 4.
2%
year-on-year, according to official data.
During the same period, China's refined copper production increased by 6.
8% to 6.
456 million tons
.
China's weak economy has led to a sharp decline in copper demand, and industry insiders expect that China's refined copper imports are experiencing an unprecedented slowdown
.
According to Bloomberg, citing Stephen Huang, CEO of trading firm Arc Resources Co, copper shipments are expected to shrink by 10%
in 2016, given poor market demand, increased domestic supply and reduced demand for copper financing.
The company, a large copper importer in China that controls about one-tenth of copper imports, was founded in Shanghai in 2010 and had sales of $7.
9 billion last year and $9.
3 billion
in 2013.
Huang also mentioned that the growth of copper demand in China has peaked and the pace of expansion may slow to an average of about
2% per year in the next few years.
Earlier, Goldman Sachs released a research report predicting that copper prices will fall to $4,800 by the end of this year, and will fall further to $
4,500 next year.
And if a series of headwinds are concentrated, copper prices may even fall below $
4,000.
