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Chinese copper exports hit a record last month, as poor demand at home forced traders to seek markets overseas for their surplus.
t’s a dynamic that has played out across commodities markets where China is the dominant supplier, from aluminum to animal feed. Producers have been locked in deflation for much of the past two years due to a tepid economy, opening up opportunities abroad where prices are higher, but also provoking trade tensions for items like steel.
The pullback in international prices since mid-May will likely take the edge off exports going forward, said Ji Xianfei, an analyst with Guotai Junan Futures Co. “Overseas shipments should have come off a bit recently given shrinking export profits,” he said. China’s smelters are at least starting to pare their production of refined copper from the record levels seen in recent months, according to the latest output figures for May, although the decline is more likely linked to a global shortfall in raw materials rather than a response to weak demand. Chile’s securities regulator ruled that a landmark deal to share ownership of one of the world’s biggest lithium operations can proceed without seeking approval from shareholders.
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