China's refined-copper imports decline for third month in June
Thursday, 22 July 2010
SINGAPORE, July 21 (Bloomberg): Refined-copper imports by China, the largest consumer of the metal used in construction and automobiles, fell for a third month in June as lower domestic prices discouraged overseas purchases and local output surged.
Inbound shipments were 211,957 metric tonnes last month, the Beijing-based customs office said Wednesday. That's 24 per cent less than in May and 44 per cent less than a year earlier, according to Bloomberg calculations.
London futures traded at a premium to those in China, dropping 3.5 per cent over the month compared with 4.3 per cent in Shanghai. Arbitrage traders try to profit by buying metal in London and selling it in Shanghai, exploiting the gap in prices.
Inbound shipments were 211,957 metric tonnes last month, the Beijing-based customs office said Wednesday. That's 24 per cent less than in May and 44 per cent less than a year earlier, according to Bloomberg calculations.
London futures traded at a premium to those in China, dropping 3.5 per cent over the month compared with 4.3 per cent in Shanghai. Arbitrage traders try to profit by buying metal in London and selling it in Shanghai, exploiting the gap in prices.