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Angel commodities reported that the seasonal peak of copper demand in China has passed, the factory's output will decline in the summer, and the aluminum market is continuously plagued by oversupply. According to data released by China Customs, copper imports in May were 360,000 tons, down 16% and 5% from the previous month and the same period last year. In May, China's unwrought aluminum and aluminum exports fell 4.7% to 410,000 tons from 430,000 tons in the previous month, but still increased by 21% compared with 340,000 tons in the same period last year; January-May, China's unwrought aluminum And aluminum exports increased by 35% to 2.06 million tons.
However, Angel commodities expects nickel prices to rise in June as high-grade Indonesian nickel ore stocks hoarded by Chinese producers continue to decline, and the ban on ore exports implemented by Indonesia last year remains inconspicuous. Norilsk Nickel, the world's largest nickel producer, said that due to the shortage of ore supply, China will increase imports of refined nickel, which will account for 28% of China's overall nickel demand. Increase to 42%. (Article source: Commodity Online)
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