What’s happening with China’s copper imports?
The drop in April could portend weakness in China’s housing construction
The April total for unwrought copper was a third below year-earlier levels. This is a volatile series whose ups and downs suggest that an inventory cycle might be at work, but it’s also possible that the April drop indicated future weakness in housing construction in China. One major investment bank is telling clients that copper is the most reliable hedge against a new bout of Chinese economic weakness.