China’s central financial institution added Gold to its reserves for a seventh consecutive month in Might. The Folks’s Financial institution of China added 60,000 troy ounces of Gold to its reserves final month, taking the entire to 73.83 million troy ounces, ING’s commodity specialists Ewa Manthey and Warren Patterson word.
Copper focus imports up 7% YoY
“In industrial metals, preliminary commerce knowledge from China’s Customs confirmed imports for unwrought Copper fell 2.9% MoM and 16.2% YoY to 427.2kt. Equally, cumulative imports have been down 6.3% YoY, totalling round 2.2mt within the first 5 months of the yr. Copper focus imports decreased 18% MoM to 2.4mt in Might, regardless of smelters sustaining output ranges. On a year-to-date foundation, Copper focus imports totalled 12.4mt for the primary 5 months, up 7% YoY.”
“In ferrous metals, month-to-month iron ore imports fell 3.8% YoY (-4.9% MoM) to 98.1mt. The drop displays mills decreasing buying exercise forward of an anticipated seasonal downturn in home metal consumption. China’s cumulative iron ore imports fell 5.3% YoY to 486.6mt over the primary 5 months of the yr.”
“On the export facet, China’s unwrought aluminium and aluminium merchandise shipments fell 5.1% YoY to 2.4mt within the first 5 months of the yr. In the meantime, exports of metal merchandise jumped 8.6% YoY to 48.5mt throughout Jan’25-Might’25.”
