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Ardent Listener
Administrator
USA
4841 Posts |
 Posted - 04/10/2009 : 19:30:15
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BEIJING, April 10 (Reuters) - China's imports of unwrought and semi-finished copper rose to 374,957 tonnes in March, 14 percent higher than the previous record of 329,311 tonnes set in February, China's customs office said on Friday.
"Imports rose because spot supply is tight, and imports of scrap copper were pretty low," said Lin Yuhui, an analyst at China International Futures.
Despite the global economic crisis, China has sucked in increasing volumes of refined copper in recent months, with a tight market causing spot prices to soar.
A shortage of copper scrap and buying by China's State Reserves Bureau have combined to drive up prices and make Chinese demand the most important factor in the world market.
Shanghai copper futures rose by their daily limit of 5 percent on Friday.
Chile, Japan, Australia and Europe have supplied the bulk of China's copper imports in recent months.
Analysts expect the total amount of refined copper imported into China to top 300,000 tonnes in March. Friday's figure included copper anode, refined copper and alloy, as well as semi-finished copper products. A detailed breakdown will be released later in the month.
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Copper SOARS dispite ..........
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