China's copper imports fell 8 percent in June

Copper imports across the country in the first six months of this year amounted to 2,520 thousand tons, which is 25.9 percent higher compared to exports in the first half of 2013. Until June 2014, there was a steady increase in copper imports in China. According to experts, copper is increasingly used as a decorative element and material for accessories.

However, after Chinese banks limited lending to metal imports due to alleged financing fraud at the Qingdao port, the country's copper imports fell 7.9 percent during the month of June this year, compared to last June. Although the use of copper in the country's fast-growing industry is still high

According to the latest statistics published by the country's General Customs Administration, imports of copper anode, alloyed copper products and semi-finished products amounted to 350 thousand tons in June 2014. This is the lowest level in the last 15 months. Imports during June 2014 decreased by 8 percent compared to the previous month, when imports totaled 380 thousand tons.

Industry sources indicate that a fall in exports in June was expected. Trading operations in China's copper stockpile warehouses had to be largely halted following news of suspected financing fraud in the Qingdao port. Banks remain wary of granting credit permits for metal imports, they said. As a result, trading experts predict continued weak trading in July 2014 as well.