中国4月份未锻造铜及铜材进口环比下降7%，同比下降21%，表明4月份精铜进口环比下滑2万至2.5万吨至约19.5万至20万吨。

中国4月份未锻造铜及铜材进口环比下降7%,Fell 21% year on year,Shows that refined copper imports in April fell by 20000 to 25000 tons to about 195000 to 200000 tons.

　　进口环比下降反映出中国消化上期所和保税仓在2012年积累的库存的能力，以及3月底至4月初港口罢工引发的智利出口下滑。已有初步迹象显示在3月份小幅上升后，4月份中国表观需求大幅增长（表观需求=精铜产量+净进口量-库存估测变动），这主要归因于中国库存的大规模下降。而表观需求的预期上升符合2013年一季度铜材产量强劲增长以及4月份需求进一步升温的业内传闻。

进口环比下降反映出中国消化上期所和保税仓在2012年积累的库存的能力,And at the end of march to early April port strike in Chile's decline in exports.Have preliminary signs after edged up in March,In April, China's apparent demand sharp growth(Apparent demand = + net production of refined copper imports - inventory changes in estimates),This is mainly due to China's inventory massive decline.But apparent demand expected to rise with strong growth in the first quarter of 2013 copper production and demand in April industry rumours of further warming.

　　铜进口同比大幅下降则主要由中国规模庞大的融资铜交易推高了可比基数所致，融资铜规模在2012年中期下滑，此后未达到近似规模。由铜精矿进口量上升引发的国内精铜产量上升也拉低了精铜的进口需求。

铜进口同比大幅下降则主要由中国规模庞大的融资铜交易推高了可比基数所致,Financing scale of copper in the mid - 2012,Did not reach the approximate scale ever since.Triggered by rising imports of copper concentrate also lower the rise in domestic production of refined copper imports of refined copper demand.

　　中国的铜进口量在5月份可能上升，因进口套利窗口在2013年3月份已经开启（因此，近期LME注销仓单预计多数将流向中国）。已有迹象显示这一进口套利交易正在对中国以外供需产生影响，因LME库存在最近几周已停止上升。总体来看，仍看好铜价短期前景。

中国的铜进口量在5月份可能上升,Due to import arbitrage window opened in March 2013(so,Recently the LME cancelled warrants majority is expected to flow to China).For signs of the imported arbitrage is impact on supply and demand outside of China,Due to LME stocks have stopped rising in recent weeks.In general,Short-term outlook remains bullish on copper.

　　5月份之后的中国铜进口前景最近变得更加疑问重重，因为目前还不清楚5月5日外管局公布的外汇管理新规将对融资铜交易产生怎样的影响。如果中国融资铜交易全面终止，则可能引发精铜净进口下降，不利于上海保税仓升水，并导致LME和上期所套利窗口关闭。 

5月份之后的中国铜进口前景最近变得更加疑问重重,On May 5, because it is not clear safe's new rules will be released by the foreign exchange management to finance copper trading what effect.If China financing copper trading terminated in an all-round way,The could cause net imports of refined copper is reduced,Unfavorable to Shanghai bonded warehouse litres of water,The arbitrage window closes and leads to the LME and the previous period.