China’s Hunger for Commodities Is Wavering After Years of Growth

Copper, and copper ore, are a bright spot among imports, and shipments of both continue to run ahead of last year. China’s haul of unwrought copper in June was the highest in 2022. Given its usage in construction, that’s seemingly at odds with the weakness in iron ore, according to a note from Capital Economics, although one explanation is that traders were “taking advantage of the arbitrage opportunity between Shanghai and London copper prices.”