Imports of Copper by China hit a 20 month high despite worries that the Chinese economy was slowing. China is the worlds largest copper consumer and accounts for close to 40% of global consumption.
Imports of refined copper metal, alloy and products jumped to 452,022 tonne in November, up from 383,507 tonnes in October as per a release by the Customs Administration. That is an increase of over 17% Month-on-Month and the largest level of imports since March 2010.
LME copper is trading more than 20% down from its yearly highs of around $10,000/tonne. Inventories at the LME monitored warehouses have been declining since October after low prices attracted huge Chinese interest.
However, coppe rprices still remain under pressure due to increasingly negative indications from China. November PMI remained under 50 thus indicating that the effects of economic contraction may last longer than expected.
HSBC preliminary PMI for December will be released this week and will prove critical to prices.
COMEX December Copper is trading down by 0.05 cents at $3.4890 as of 1:15:21 AM CT while MCX copper has already lost over 1% during afternoon trade on Monday.
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