MARKET TALK: China's Copper Imports Resume, May Support LME

China's 44% on-year rise in imports of copper and its semi-finished products in January to 229,077 metric tons verifies physical traders' estimates of resumed copper imports in January; favorable price ratio of SHFE benchmark copper prices to LME 3-month copper, domestic restocking needs, relatively low prices contributed to resumed imports. Figures indicate 22,269-ton rise from December's; may lend support to LME 3-month copper, but can also interpreted as pressure to domestic prices, analysts say. "Refined copper imports are estimated to be around 120,000-130,000 tons (in January)," says Pang Ying, analyst at Star Futures.