Column: China's copper appetite wanes just as U.S. grows hungry

The country sucked in a record 4.67 million tonnes of refined copper last year, making it the single most important physical driver of the pandemic recovery rally.

This year, the import pulse has slowed, with volumes sliding by 10% over the first half and the monthly total dipping below 300,000 tonnes in both May and June.

High prices and Beijing’s attempts to fade last year’s stimulus have taken some of the heat out of the Chinese market.

Equally significant is the wave of scrap washing up on China’s shores as imports rebound after policy-makers reversed a planned ban on what had been designated “waste”.