Last Updated :
12 July 2009 at 04:05 IST
Copper imports fall in China
Commodity Online
BEIJIG: Even as the iron ore price talks are mired in controversy, China’s import of copper is set to climb down in June due to the high prices in London Metal Exchange.
June’s imports of refined copper by China, the world’s top copper and aluminium consumer, may fall to 300,000-320,000 tonnes versus May’s all-time record of 337,230 tonnes.
Imports of aluminium, including primary, alloy and semi-finished products, in June may also fall from May’s imports on firm LME prices.
Primary aluminium imports are expected to exceed 200,000 tonnes in June. Imports were 259,095 tonnes in May.
June’s imports of refined copper should be over 300,000 tonnes as the arbitrage window opened for some days in May. Chinese importers often book spot copper imports for delivery within few weeks and that make the arrival behind the booking time.
Domestic demand has stayed lukewarm since June, weighing on domestic copper prices and increasing stocks of refined copper after record imports in previous four months. Spot refined copper traded around 39,000 yuan per tonne in Shanghai this week.
China is also the world’s top producer of primary alumium but Chinese merchants had booked more spot primary aluminium in late May when the arbitrage window opened.
June’s imports of primary aluminium should be above 200,000 tonnes.
NCDEX TURMERICNIZAMABADJUN12 20 June 2012
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