Goldman Sachs Sees 3% China Copper Consumption Growth In 2012

LONDON, May 24, 2012 (Dow Jones ) -- Goldman Sachs said Thursday it expects Chinese copper demand growth to stay sluggish until the end of the third quarter and predicts a 3% year-on-year rise in overall consumption for 2012, rising to 8% in 2013.

Fourth quarter copper demand will accelerate to between 10% and 15% and through much of 2013, the bank noted, driven by an anticipated pickup in residential property sales, the build out of social housing, the implementation of the recent home appliance subsidy program, and solid automotive output growth.

Despite the year-on-year declines in demand in April, the level of demand remains exceptionally high, Goldman said. "April 2012 demand was the second highest on record, with April 2011 being the highest," it added.