Metals imports by China slump in August on prices

Copper and aluminum imports by China the world’s largest consumer of the metals and the third largest economy slumped for a second month in August as stockpiles and overseas prices gained.

Data from the Beijing based customs office showed that purchases of refined copper tumbled 25% to 219,731 tonnes from a month earlier and shipments of primary aluminum dropped 11% to 117,213 tonnes.

Copper used in pipes and power cables has more than doubled in London this year as China’s CNY 4 trillion stimulus package and state stockpiling boosted imports to a record in June. Aluminum, used in car parts has gained 22% as the country’s shipments surged to record in April.

Mr Ni Yaoxiang an analyst at Guojin Futures Company said that the extent of the drop in imports was expected as higher prices have reduced investment demand. The best time for stockpiling copper is over and it seems not coming back any time this year.”

Copper for 3 month delivery in London added 0.3% to USD 6,208 per tonne at 12:12 PM in Singapore. The metal for December delivery in Shanghai was unchanged at CNY 48,780 per tonne at midday.

Nickel purchases dropped for the first time in 5 months, tumbling by more than 50% while tin imports declined 23%. Zinc plunged for a 5th month by 46% and lead for a fourth month by 55%.

Macquarie Group Limited said recently that an index measuring prices of 6 London traded metals has jumped 67% 2009 after fabricators and traders from China boosted purchases of all to record, tapping arbitrage between higher Chinese and lower overseas prices. The country may have stockpiled as much as 400,000 tonnes of copper in the H1.

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