By Chuin-Wei Yap Of DOW JONES NEWSWIRES
China's imports of refined copper set a new record in February, almost doubling the import volume in the same month last year to reach 270,948 metric tons.
"We're seeing the effects of the domestic price premium over international prices favoring imports, and also the effects of the State Reserve Bureau's buying," said Wang Zhouyi of Shanghai's Cifco Futures. "Those are the two biggest reasons."
China drives up copper prices
Posted by Gwen Robinson on Mar 23 04:43.
Copper stockpiling by a secretive Chinese state organisation has helped trigger a rally of 28% in the price of the metal this year. China accounted for almost a third of global copper consumption last year. Industry reports point to buying by Beijing’s State Reserves Bureau, which manages strategic stockpiles. Traders say the SRB is trying to secure 300,000 tonnes and speculate it could buy up to 1.2m tonnes this year. Global copper production last year stood at 18m tonnes.
This entry was posted by Gwen Robinson on Monday, March 23rd, 2009 at 4:43 and is filed under Capital markets, Commodities. Tagged with Copper.