BEIJING (Commodity Online): It seems there is no end to China’s appetite for metals. China’s economic health is robust and it is continuing with the metal buying spree. China’s imports of all metals rose in July with imports of refined lead in particular jumping by over 80 per cent compared with June, while refined zinc and nickel imports both surged by over 50 per cent.
Refined copper imports grew to 2,24,700 tonnes supported by tight scrap market and favourable domestic/LME price spread. Among precious metals, palladium imports jumped back up towards levels seen in the first quarter and even if vehicle sales slow, palladium demand should find support from the implementation of tighter emission legislation.
Across energy market, the picture was mixed with coal imports coming in rather strong, while crude inflows fell year-on-year for the first time since March 2009.
Refined copper imports by China, the largest consumer, gained for the first time in four months in July as traders profited from disparities between prices in London and Shanghai. Inbound shipments were 224,723 metric tons last month. That’s 6 percent higher than 211,957 tons in June and 23 percent less than 292,226 tons a year earlier, according to Bloomberg calculations.
The increase reflects demand for imports in May and June, when higher prices in Shanghai prompted arbitrage trade.
Copper stockpiles monitored by the Shanghai Futures Exchange declined to the lowest level in six months as of July 30. End-consumers drained local stocks after inbound shipments fell for three consecutive months since April.
Stockpiles monitored by the Shanghai exchange fell to 104,507 tons in the week ended July 30, the lowest since January, bourse data showed. Stocks stood at 110,371 tons as of Aug. 20, down 3.1 percent from a week earlier. LINK
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