| Date: |
24-12-2011 |
| Subject: |
Refined Copper Imports Of China Rise In November |
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Refined Copper imports of China in November increased by 16.5% to 343926 tons. The Copper imports in China were at record highs of 378943 tons in June 2009. However on a cumulative 11 month period the imports of refined Copper declined by 9.9% to 2.43 million tons.
It is noted that the main reason behind the rise of imports in November is that Chinese traders are using the favourable arbitrage opportunities to buy Copper. Copper is also being kept as collateral for short term loans and this is aiding the imports into the country.
The Copper concentrate imports into China were up by 22% to 672644 tons in November. The total imports in Jan-Nov 2011 period was 5812320 tons that was down by 2.8%.
Meanwhile, Copper prices in domestic futures markets in India were trading at Rs. 402.9 per kg, up Rs. 2 per kg. The markets on Friday breached critical resisting zone of Rs. 401.4 per kg that makes it a contender for a further upside towards Rs. 405 per kg.
Source : indiainfoline.com
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