China 2012 Copper Demand From Appliances, Autos To Rise 3% -Goldman Sachs

BEIJING, May 24, 2012 (Dow Jones) -- Copper consumption from China's home appliance and automotive sectors is likely to rise around 3% this year, Goldman Sachs said in a note Thursday.

Growth in copper demand in these sectors is likely to be around 8% next year, as affordable housing projects and the residential property market regain momentum, the bank said.

Appliances and autos account for 15%-20% of total Chinese copper demand.

China's copper consumption fell 3.4% in April from a year earlier due to weak property sales and destocking of consumer appliances, Goldman said.

Still, April demand was the second-highest on record, it said.