BEIJING (Commodity Online): Copper imports by China declined for the month of January, as per data released by customs department. China is the world's largest consumer of copper, accounting for nearly 40% of global consumption and is therefore a key variable when deciding of copper trend.
January 2012 imports were at 413,964 tonnes, down from 508,942 tonnes in December 2011. This is a decline of around 18%.
Even though the copper imports have declined, many analysts are not surprised by the figure given the fact the Chinese have been importing record numbers for the past months and as such, the import figures had to decline.
Going ahead, import figures may decline since copper inventories are currently high and traders may not feel the need to step upon imports unless there is any unforeseen increase in demand.
At the MCX, copper has been a strong performer since the start of 2012, rising from near Rs 406 to currently trade around Rs 434, a gain of 6.80%
