Statistics

China's Feb copper imports up 10%

(Agencies)
Updated: 2010-03-10 14:59

Copper imports by China, the world's largest consumer, increased 10 percent in February from the previous month on sustained demand.

Imports of copper and products were 322,282 metric tons, the General Administration of Customs said today. Still, that was 2 percent less than the same month a year ago, according to data compiled by Bloomberg.

Copper in London has gained 15 percent in the past month as higher Chinese domestic prices buoyed imports. China bought a record amount of copper last year as government stockpiling and the country's $586 billion stimulus package boosted demand for the metal used in automobiles and construction.

"I am not surprised at this figure as the price difference between London and Shanghai still favors imports," said Cai Luoyi, a Shanghai-based analyst at China International Futures (Shanghai) Co. "Even though we see rising stockpiles, no matter whether visible or invisible, so long as China continues to import, that will be positive for global prices."

China's imports of copper are expected to halve to 1.5 million to 1.6 million tons this year from the record in 2009, Xi'an Maike Metal International Group and China Minmetals Nonferrous Metals Co have said.

China imported 280,000 tons of scrap copper in February, customs said today, down from 340,000 tons in January. Imports of aluminum and the metal's products were 64,356 tons last month, compared with 97,633 tons the previous month.

Copper on the London Metal Exchange rose 0.4 percent to $7,540 a metric ton. June-delivery copper added 0.3 percent to trade at 60,430 yuan ($8,853) a ton on the Shanghai Futures Exchange by the 11:30 am break.