DJ China Feb Copper, Lead, Zinc Imports Surge To New Highs On Yr

China's imports of refined copper set a new record in February, almost doubling the import volume in the same month last year to reach 270,948 metric tons.

Last month, importers were making CNY1,000/ton in arbitrage profit on refined copper, analysts said.

Some analysts say it could stockpile up to 900,000 tons for the year, depending on how its own target prices match copper prices in the market.

February's import volume overtook December's record of 211,000 tons, far exceeding the average import volume of around 200,000 tons last year.

But with demand from car and real estate industries still low, analysts say copper's volume might end up delaying a longer term recovery.

The copper arbitrage gap has narrowed in March, lessening the attractiveness of trade play.

Refined lead import volumes also rose strongly on year to 20,944 tons, more than seven times the 2,824 tons imported in February 2008.

The domestic price premium in recent weeks to London Metal Exchange prices reached $446 a ton.

Zinc imports were up 743% to 77,205 tons, driven by a $371/ton arbitrage gap in favor of imports.

Import volumes for iron ore stood at 46.82 million tons, up 23% on year, mostly in line with figures already released by the customs department earlier this month.

The rise in iron ore imports follows the trend in place since late last year, as mills have been restocking in anticipation of new projects. However, with steel prices foundering, iron ore import volumes are expected to ease.

Copper concentrate imports rose just 0.2% on year to 444,832 tons.

Nickel imports fell 3% on year to 12,690 tons. Aluminum imports were down 0.5% on year to 12,651 tons.

Soybean imports rose 61% on year to 3.3 million tons, driven by relatively cheaper international prices as government stockpiling kept domestic prices high.

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