China’s copper imports for July increased 5.9 percent, according to a Reuters story, and nearly 20 percent year-on-year, despite contrary evidence that China’s economy — and metals demand — is floundering.
Although analysts said that the import figures did not reflect increased demand due to domestic copper output slowdowns, others mentioned to Reuters that “the rise would add to pressure on domestic copper prices.”
In Chinese local markets on Aug, 9, 2012, the price of Chinese bright copper scrap closed Thursday above $7,400 per metric ton, halting its two-day flat run with a 0.7 percent decline. Chinese copper bar finished the day with a 0.6 percent increase.
The cash price of Chinese copper also gained 0.6 percent, while Chinese copper wire finished the day up 0.5 percent.
The copper cash price experienced the biggest change, rising 1.8 percent on the LME to $7,525 per metric ton. Also on the LME, the copper 3-month price rose 1.6 percent to $7,525 per metric ton.
The price of US copper producer grades 102, 110 and 122 declined 0.5 percent after two days of improvement.
The cash price of primary Japanese copper saw essentially no change for the fifth day in a row, staying below $8,200 per metric ton.