Commerzbank: Copper Prices Rise After Strong Chinese Imports

Copper prices are higher after strong Chinese import data, says Commerzbank. China’s copper imports rose 12.6% to a record 508,942 tons in December from 452,022 tons the previous month. The country “took advantage of the low prices and bought copper in December,” Commerzbank says. Imports rose for the seventh straight month and outstripped expectations. “Besides attractive arbitrage opportunities between the exchanges in London and Shanghai, one reason for this was real demand in China, which continues to be highly robust and is reflected in relatively low inventory levels,” Commerzbak says. “This is giving buoyancy this morning to the price of copper, which has increased to over $7,600 a ton.” 


Source:Kitco