The Great China Restock, the mass return of Chinese copper buyers after a prolonged period of de-stocking and thrifting, was already a core part of the bull narrative for the red metal. It has assumed even greater importance amid rising market anxiety about the sustainability and strength of economic recovery just about everywhere else. If copper is to make new cycle highs, as the majority of analysts still expect, the assumption is that it will do so only when Chinese fabricators run out of other options and are forced to commit to the import market.
The Great Restock has been postponed for at least another month. China's import dynamic, however, may be poised for a step-change thanks to the sharp sell-off in LME copper prices since last Friday.Aggregated imports of refined copper, anode, alloy and products, rose by 9.5 percent to 306,626 tonnes from 280,0009 tonnes in June.
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