China Refined Copper Imports Reach Record in June

LONDON, July 23&nbsp;-- Norsk Hydro ASA, Europe's third- largest aluminum producer, said demand for the metal used in construction and transport is still &quot;weak&quot; and prices will likely remain &quot;low.&quot;
&nbsp;&nbsp;&nbsp; Global demand excluding China may shrink by 15 to 20 percent this year, from consumption of 25 million metric tons last year, the company said in a statement today.
&nbsp;&nbsp;&nbsp; &quot;There continues to be considerable uncertainty regarding timing of any significant recovery,&quot; Oslo-based Hydro said. &quot;The underlying demand for metal products (extrusion ingot, sheet ingot, foundry alloys and wire rod) in Europe and North America has remained weak during the second quarter 2009.&quot;
&nbsp;&nbsp;&nbsp; Aluminum inventories in warehouses monitored by the London Metal Exchange have almost doubled to a record 4.6 million tons this year. Hydro and rival aluminum makers Alcoa Inc., Rio Tinto Group and United Co. Rusal cut production in response.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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