WRAPUP-China's Feb copper, oil imports surprisingly strong

BEIJING, March 10 (Reuters) - Copper and oil were in surprisingly strong demand in China in February, with imports rising despite a week-long Lunar New Year holiday and a crippling winter freeze that iced up many of the country's northern ports.

Trade in other commodities, such as iron ore, steel, and soybeans, slowed or remained close to sluggish January levels.

Imports of unwrought copper, a key ingredient for China's manufacturers and its fast-expanding power sector, confounded forecasts by rising 10.3 percent ot 322,282 tonnes, or 22.2 percent based on a daily average.

"Any upward number would be interpreted as bullish for copper prices, indicating Chinese demand remains firm. For all sorts of reasons this looks strong, February is a short month and even shorter this year because of the Lunar New Year," said David Moore, commodities strategist at Commonwealth Bank of Australia.

Imports of copper scrap slipped 17 percent from January, but this was caused by a shortage of supply, said Mark Pervan, senior commodities analyst at Australia and New Zealand Bank.

China's crude oil imports jumped to their second highest monthly level ever, rising to 4.83 million barrels per day from 4.03 million bpd in January.

"These numbers will provide short-term support for the oil price," Moore said.

China also flipped back to its traditional position as a net importer of oil products, having been a net exporter for two months as it cast off giant volumes of gasoline and diesel.

Fuel exports withered 40.7 percent and imports grew in February, so net imports of fuel were more than double the volume of December and January's net exports, effectively draining China's winter surplus from the Asian market twice over.

Oil prices  reversed early losses after the Chinese data and copper  gained $35 to trade at $7,550 per tonne.

But the rise in world copper prices since Chile's massive earthquake on Feb 27 means Chinese prices are no longer so attractive, and next month could see imports slowing fast, analysts said.

For a package of graphics on China's trade: http://graphics.thomsonreuters.com/310/CN_PTRADE.html

STEEL, ALUMINIUM SLUGGISH

China's overall trade data for February showed year-on-year growth that blew past expectations, apparently underlining the momentum powering the world's third largest economy.

But copper and oil were the only major commodities to surprise with bullish trade. Others looked more lacklustre.

Trade in aluminium, used in construction and cars, slowed sharply from January, with imports and exports of the unwrought metal, as well as imports of alumina and scrap, all down by a third or more.

Even so, China's exports of unwrought aluminium have leapt by 157 percent this year compared to the first two months of 2009, reflecting a rebound in China's traditional overseas markets after the slump of the financial crisis.

February's imports and exports of steel products dropped by 16 percent and 14 percent respectively, combining for net exports of 1.35 million tonnes, 13 percent down from January and a second slowdown after a seven month run of increasing export momentum.

February's imports were the lowest monthly volume in a year.

Imports of iron ore rose modestly to 49.38 million tonnes, up 6 percent from January, a historically high volume but still subdued compared to the record shipments seen in some months last year, peaking at over 64.5 million tonnes in September.

This year China's steel demand has shown signs of flagging amid worries about the size of steel buyers' inventories of steel products and the export market has not yet filled the gap.

(Editing by Clarence Fernandez)