How much copper will the world’s largest copper importer export? That counterintuitive question is critical to the outlook for the metal.
It might seem a simple equation. Inventories in China, the world’s biggest copper consumer and importer, are at record levels, and prices on the London Metal Exchange are being pushed higher by a sharp drawdown in exchange stocks. The obvious conclusion is that China should export some of its surplus inventory.
Indeed, Jiangxi Copper, the country’s largest producer of copper, has announced a plan to make “large” exports “in the next few weeks”.
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