Chinese copper consumers likely to continue reducing purchases as prices too high, now have enough stocks to wait up to several months for prices to retreat, says BNP Paribas. Notes China's larger-than-expected imports in March was when LME 3-month copper trading between $5,300-$6,500/ton, helped consumers partially rebuild stock levels. "The recent price surge above $6,500 has almost certainly seen the Chinese back away from the market." LME 3-month copper last at $7,635/ton, down $85 on London PM kerb.
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