China's copper concentrate imports slump 11% in October as smelter woes deepen

Nov 10 (Reuters) - China's October copper concentrate imports slumped 11% from a year earlier, customs data showed on Tuesday, at a time when smelters face another profit hit as sulphuric acid prices fall.

• Imports of copper concentrates, the main feedstock for smelters, fell to 2.17 million metric tons from 2.45 million tons a year earlier and 2.48 million tons in September, according to the General Administration of Customs

• Shipments in the January-to-October period fell 3.8% to 24.14 million tons from 25.09 million tons a year earlier

• The decline came as Chinese smelters faced mounting pressure from negative processing fees, while falling sulphuric acid prices eroded a key source of income that had helped offset their losses

• Smelters said production cuts were on the way

• Meanwhile, imports of unwrought copper and copper products edged down 1.7% to 453,000 tons in October from 461,000 tons in September, though they rose 3.4% from 438,000 tons a year earlier

• Imports of unwrought copper and copper products in the January-to-October period fell 5.5% to 4.21 million tons from 4.46 million tons a year earlier

• The data came as China's physical copper market faced a supply crunch, with reduced domestic smelter output and limited arrivals of seaborne metal driving spot premiums to record highs