China Copper imports rise in August

Copper imports by China, the world’s largest consumer, advanced for a second month on expectations of an increase in demand and as orders placed when it was profitable to bring in metal arrived. Shipments of copper and products increased 11 percent to 379,527 metric tonnes from 342,901 in July, according to customs data. Imports also increased from 325,098 in August last year, according to Bloomberg calculations. Copper for three-month delivery on the London Metal Exchange settled at $7,555 a tonne yesterday before release of the trade data, and declined 0.4 per cent to $7,525 a tonne at 1:42 pm in Shanghai. Arbitrage had been profitable for some of July, according to Bloomberg data. Shipping usually takes up to one-and-a-half months. Copper stockpiles monitored by the Shanghai Futures Exchange were at 105,917 tons as of September 3, the lowest level since the week ended July 29, according to data provided by the exchange.