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China’s imports of Australian copper concentrate fell by 34% to 26,717 tonnes in November, the lowest level since January 2017, according to the data released by the General Administration of Customs. The imports dropped as the Chinese government instructed companies not to purchase copper ore and concentrate from Australia because of souring relations between the two countries.

Copper is one of Australia’s top exports along with iron ore and gold. As such, the decline in exports to China, the world’s biggest commodity importer, and the second-largest economy, could be called an AUD-bearish development.