United States copper import declined sharply by 34% Year-on-Year (YoY) in January while its aluminium imports increased by 43% Year-on-Year, according to the latest data released by the United States International Trade Commission ((ITC)). The US is one of the major consumers of copper and aluminium.
According to ITC, the US imported 37,822 tons of copper in January 2012, down 34.1% from 57,398 tons in January 2011 and aluminium imports were at 152,311 tons, up 43.4% from 106,192 tons in January 2011.
Also US imported 50,640 tons of zinc in January 2012, down 16.2% from 60,434 tons in January 2011 and Nickel imports were at 10,225 tons, up 7.1% from 9,548 tons in January 2011.
At the COMEX, copper prices gained in the month of January and February. Given the record Chinese trade deficit in February, base metals may have a tough time ahead since China is the biggest consumer of base metals in the world. And if the US imports figure for copper continues to remain negative, copper prices will very possibly head south.
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