Trade data from China also supports the impression of continued strong demand for Copper in the most important market for the metal, which is essential for electrification, Commerzbank's commodity analyst Thu Lan Nguyen notes.
Chile's largest mine producer increases its output
"Copper imports may have fallen in comparison to March and the previous year. However, Copper ore imports rose to a record level. Accordingly, Chinese Copper production continues to show signs of expansion. This indicates that companies in China are increasingly covering their Copper needs with domestic production, which in turn also favours subdued Copper imports in the coming months."
"The strong Copper ore imports are interesting insofar as there have recently been signs of a shortage of ore, as can be seen from the low treatments and refining charges, among other things. The strong Chinese imports of the raw material could lead to a shortage outside the country and consequently to a reduction in metal production there, which in turn would strengthen China's dominance as a Copper producer."
"This could pose a challenge for countries that want to become increasingly independent of China. However, the news that Chile's largest mine producer has recently been able to increase its output after falling short of expectations in recent years, partly due to operational problems, provides some relief in this respect."
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