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China's Copper, Aluminum Imports Climb on Government Stimulus

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[Ni] Chinese Nickel Imp/Exp Data in March 2009

BEIJING, Apr. 23 -- Copper and aluminum imports by China, the largest consumer, jumped in March as the country's 4 trillion yuan ($585 billion) stimulus program increased demand, cushioning the economy from the global recession.
&nbsp;&nbsp;&nbsp; Inbound shipments of refined copper advanced 10 percent from the previous month to 296,843 metric tons and primary aluminum imports surged seven times to 85,965 tons, customs data showed. Copper imports were a record, Wanxiang Resources Co. analyst Sheng Weimin said. Zinc, lead and tin purchases gained.
&nbsp;&nbsp;&nbsp; China's economy, the world's third-largest, will expand faster than previously forecast this year and next as government spending spurs domestic demand and boosts investment, Goldman Sachs Group Inc. said in a note today. The country's copper, aluminum and zinc prices were above international levels, bolstering imports, Barclays Capital said this month.
&nbsp;&nbsp;&nbsp; Metals imports climbed because of "favorable arbitrage," Sheng said from Shanghai today. Wanxiang is one of China's top copper importers. "We expect this month's copper purchases to be even higher," he said. 
&nbsp;&nbsp;&nbsp; "The momentum may only cool if scrap imports start to rebound significantly from May."Copper imports are being fueled by a shortage of scrap material and government buying, according to Scotia Capital Inc. China's refined copper purchases may jump to a record 2 million tons this year, Simon Collins, general manager of Trafigura Trading Shanghai Co., said in February.
&nbsp;&nbsp;&nbsp; Aluminum Imports
&nbsp;&nbsp;&nbsp; Refined copper purchases jumped 92 percent to 748,281 tons in the first three months of the year from the year ago period, while scrap imports slumped 48 percent to 731,974 tons, customs data showed. Imports of primary aluminum more than tripled to 115,755 tons in the first three months, the data showed.
&nbsp;&nbsp;&nbsp; "Primary aluminum shipments could surge to 200,000 tons this month," said Eric Zhang, an analyst at CBI China Co., who said in February the imports are going to climb. "The increases are not yet enough to ease tight domestic supplies."
&nbsp;&nbsp;&nbsp; The State Reserve Bureau bought 590,000 tons of aluminum and 159,000 tons of zinc from domestic smelters this year for strategic reserves. The bureau has contracted to take 300,000 tons to 400,000 tons of refined copper into its stockpiles from overseas, according to Macquarie Group Ltd. analysts last month.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)

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China's Copper, Aluminum Imports Climb on Government Stimulus | Shanghai Non ferrous Metals

China's Copper, Aluminum Imports Climb on Government Stimulus

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