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Metals Imports by China Slump in August on Prices

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China's Zinc Imports and Exports in August 2009

SHANGHAI, Sept. 22 -- Copper and aluminum imports by China, the world's largest consumer of the metals and the third- largest economy, slumped for a second month in August as stockpiles and overseas prices gained.
&nbsp;&nbsp;&nbsp; Purchases of refined copper tumbled 25 percent to 219,731 metric tons from a month earlier and shipments of primary aluminum dropped 11 percent to 117,213 tons, data from the Beijing-based customs office showed.
&nbsp;&nbsp;&nbsp; Copper, used in pipes and power cables, has more than doubled in London this year as China's 4 trillion yuan ($586 billion) stimulus package and state stockpiling boosted imports to a record in June. Aluminum, used in car parts, has gained 22 percent as the country's shipments surged to record in April.
&nbsp;&nbsp;&nbsp; The extent of the drop in imports &quot;was expected as higher prices have reduced investment demand,&quot; Ni Yaoxiang, an analyst at Guojin Futures Co., said from Shanghai today. &quot;The best time for stockpiling copper is over and it seems not coming back any time this year.&quot;
&nbsp;&nbsp;&nbsp; Copper for three-month delivery in London added 0.3 percent to $6,208 a ton at 12:12 p.m. in Singapore. The metal for December delivery in Shanghai was unchanged at 48,780 yuan ($7,144) a ton at midday.
&nbsp;&nbsp;&nbsp; Metal Purchases 
&nbsp;&nbsp;&nbsp; Nickel purchases dropped for the first time in five months, tumbling by more than 50 percent, while tin imports declined 23 percent. Zinc plunged for a fifth month by 46 percent and lead for a fourth month by 55 percent.
&nbsp;&nbsp;&nbsp; An index measuring prices of six London-traded metals has jumped 67 percent this year after fabricators and traders from China boosted purchases of all to record, tapping arbitrage between higher Chinese and lower overseas prices.
&nbsp;&nbsp;&nbsp; The country may have stockpiled as much as 400,000 tons of copper in the first half, Macquarie Group Ltd. said in July. Reported inventories by the Shanghai Futures Exchange have jumped almost seven-fold since the end of last year to 104,248 tons, the highest since 2004.
&nbsp;&nbsp;&nbsp; China may also have stocked 600,000 tons of aluminum, 300,000 tons of lead, 100,000 tons of nickel, producers, traders and analysts said.
&nbsp;&nbsp;&nbsp; (Source: Bloomberg)
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Metals Imports by China Slump in August on Prices

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