ASX copper shares are soaring today amid a strong outlook for the copper market and rising imports from China.
Copper explorers in the green include Copper Mountain Mining Corporation (ASX: C6C), Sandfire Resources Ltd (ASX: SFR), Oz Minerals Limited (ASX: OZL) and 29Metals Ltd (ASX: 29M).
So let's take a look at what could be impacting ASX copper shares today?
What's happening?
Copper Mountain shares are exploding 34% at the time of writing today, while Sandfire shares are rising 6.36%. Meanwhile, Oz Minerals shares are skyrocketing 34% and 29Metals shares are surging 15.51%.
This morning, Oz Minerals highlighted the strength of copper and nickel in an update to the market. The miner knocked back a takeover bid from the BHP Group Ltd (ASX: BHP).
Oz Minerals said there was a "strong long-term outlook" for the copper and nickel market. The company highlighted the growing geological scarcity, global electrification and decarbonisation. Managing director Andrew Cole said:
We have a unique set of copper and nickel assets, all with strong long-term growth potential in quality locations. We are mining minerals that are in strong demand particularly for the global electrification and decarbonisation thematic and we have a long-life Resource and Reserve base.
Meanwhile, copper imports into China jumped 9.3% in July compared to the same time last year, according to a Reuters report published on mining.com. However, the imports were 13.8% down on the previous month.
CRU Group copper analyst He Tianyu said:
There was large-volume buying from Chinese copper users and traders when the market hit lows.
In a research note today, ANZ analysts said China's commodity imports for July showed "signs of improvement in demand". Analysts said:
Copper imports benefitted from lower prices, favourable import parity and depleted inventories.
