China's Copper Imports Decline 33%
Post Date: 12 Apr 2011 Viewed: 506
CHINA'S copper imports fell 33 percent last month from a year earlier, raising concern high prices may erode demand in the largest consumer as the metal piles up in warehouses globally.
Inbound shipments of copper and copper products were 304,299 metric tons compared with 456,240 tons in March 2010, according to customs data yesterday. The imports last month rebounded from 235,469 tons in February, which was the lowest level since January 2009.
Copper on the London Metal Exchange, which hit a record in February, had the worst first quarter in a decade as stockpiles climbed even amid forecasts for a global deficit. LME-monitored holdings have gained this year, as have those tracked by the Shanghai exchange. Additional stockpiles in China's bonded warehouses, which are not officially reported, have also doubled, according to Standard Bank Plc analyst Leon Westgate.