CHINA UNWROUGHT COPPER IMPORTS DECLINE IN MARCH
Date: 10/04/2012
This was very well on the cards. Copper imports data was expected to show some declines and that became a reality as soon as China General Administration of Customs released its imports figures.
Commodityinsights.com had expected that the Chinese import numbers of February was away from the real scenario. The February numbers were higher on the back of resumption of trading activities after Spring festival of January. During this period markets remained closed in China.
The March data release has shown a import of 462182 tons of unwrought Copper and Copper products. On a monthly basis, this is less by 4.6% from 484569 tons in February 2012. In February, Copper imports were up by 17% on a month on month basis.
The imports of unwrought Copper was however higher than the 2011 March figures. The total imports were 304299 tons in the month of March 2011. A jump of 52% was noted on a yearly basis though monthly numbers are more realistic in short term as they give the idea of current situation.
LME Copper that resumed trading after Easter holidays is trading on a monthly low of $ 8279 per ton. The prices were at $ 8340 per ton until last week. Limited April trading days has seen Copper coming down by 3% till 10 April 2012.
MCX Copper that was beaten down last night is observing some short covering. The benchmark April expiry contract is trading at Rs 426 per kg, up Rs 3 per kg. A cap of Rs 430 is active in Copper futures while on downside it is a range of Rs 418-415 per kg.
| Copper Imports-China | 2012 | 2011 | % Change M-o-M | % Change Y-o-Y |
| Feb-12 | 484569 | 235469 | 17.1 | 105.8 |
| Mar-12 | 462182 | 304299 | -4.6 | 51.9 |
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