Chinese smelters are in discussions to export copper under annual contracts for the first time, according to people familiar with the plans.
The potential export contracts are a reflection of several factors, including a change in taxes on copper exports and an increase in Chinese smelting capacity. But they also highlight the downbeat sentiment in the Chinese copper market as the economy slows and warehouses in the country are groaning with copper stocks.
The slowdown in Chinese copper demand, together with sluggish growth in the rest of the world and the prospect of rising mine supply, has weighed on copper prices. Yesterday, benchmark copper on the London Metal Exchange fell to a seven-week low of $7,670 a tonne.
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