Factory data underlies weak Chinese copper market

Feb 20, 2014 | 02:20 PM |

Tags  copper, China, manufacturing, PMI, HSBC, Goldman Sachs, copper imports

SHANGHAI — China’s physical copper market remains weak and robust import figures are obscuring a slowdown in real business activity, market participants told AMM sister publication Metal Bulletin.

Imports of unwrought and fabricated copper surged to a record 536,000 tonnes in January, a year-on-year increase of 53 percent.
But as economic indicators in China point to a slowdown in manufacturing, traders highlighted low demand and an expanding contango on the domestic market.
“There is copper all over the market, but both traders and downstream consumers are reluctant to take the cargoes,” one domestic copper trader told Metal Bulletin. ....

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