China copper imports at all-time high

Chinese imports of copper rose to a record high last month, an increase attributed by market participants to restocking, government stockpiling and price incentives rather than any major upturn in demand.

Aluminum imports also increased compared with January, according to preliminary data from the General Administration of Customs. Imports of both metals are expected to rise further this month, according to market sources.

Imports of unwrought copper and fabricated copper products reached a record 329,311 tonnes in February, up 42 percent from the previous month and 45 percent higher than in February last year.

"The robust level of imports is within expectations," a Shanghai analyst said. "There have been very good arbitrage opportunities for importers in recent months and the State Reserve Bureau (SRB) also could have bought a large amount of copper from overseas, which has pushed up import volumes."

The SRB, China's government stockpiling agency, is rumored to have purchased as much as 400,000 tonnes of copper to date in order to replenish state reserves at a time of low prices.

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