Dec. 22 (Bloomberg) --Japan’s output of copper and copper- alloy fabricated products, including sheets and tubes, rose 5.4 percent in November from a year earlier, increasing for the 13th straight month on air-conditioner demand, an industry group said.
Production was 73,680 metric tons last month from 69,909 tons a year ago, the Japan Copper and Brass Association said today, citing preliminary data. October output was 74,079 tons.
Copper, also used in construction and automobiles, has jumped 27 percent on the London Metal Exchange this year, reaching a record $9,392 a ton yesterday. Japan’s economy expanded more than the government initially calculated in the third quarter on a larger-than-reported gain in capital spending.
"It’s an exceptional year for demand from the air- conditioner sector following this year’s scorching heat wave,” said Keizo Tani, association research manager. "Manufacturers have been building up stockpiles after hefty sales in summer.”
Japan had the hottest summer in at least 113 years, according to the weather agency. Temperatures were 1.64 degrees Celsius higher than the summer average between 1971 and 2000, the Japan Meteorological Agency said in a statement on Sept. 1.
The country’s export growth accelerated for the first time in nine months as a rebound in global demand helped the nation’s economy withstand an advance in the yen. Overseas shipments increased 9.1 percent in November from a year earlier, compared with October’s 7.8 percent, the Finance Ministry said today.
Gross domestic product grew at an annualized 4.5 percent rate in the three months ended Sept. 30, faster than the 3.9 percent rate reported last month, the Cabinet Office said Dec. 9.
Separately, Japan’s copper wire and cable shipments rose 3.8 percent to 61,000 tons in November from a year earlier, the Japanese Electric Wire and Cable Makers’ Association said yesterday. Shipments fell for the first time in 10 months in October, dropping 4.3 percent from a year ago to 58,943 tons.