Chinese Copper Buyers May Increase Imports By 60%, Bayin Says
China’s manufacturers, the world’s largest copper consumers, may increase imports by as much as 60 percent after a price slump, trader Bayin Resources Co. said.
Imports of refined copper may jump to between 100,000 metric tons and 120,000 tons a month, Frank Zhou, deputy manager of Bayin’s copper division, said today in an interview from Shanghai. Imports were 75,707 tons in June.
Copper futures in London has fallen 15 percent from last month’s record of $8,940 a ton, amid concern a global economic slowdown would curb demand. China imported 687,013 tons in the first six months, down 23 percent from a year ago.
“There has reemerged a lot of appetite for London copper these days,” Zhou said over the phone. “Demand from these inquiring buyers is quite inelastic as they are users, not speculators.”
A narrowing price gap between Chinese and international prices is making imports cheaper, Zhou said.
London-based Barclays Bank Plc holds a 15 percent stake in Bayin. Bayin traded 300,000 tons of copper and 200,000 tons of aluminum last year, according to its Web site.
Tags: Copper, imports
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