(Minews) - China’s refined copper imports rose 48.2% year-on-year in March, with expectations of further improvement in April shipments on an improving arbitrage.
The world’s biggest copper consumer bought 324,383 tonnes in March, Chinese customs data showed.
“I think the large tonnages were under long-term contracts,” a commodity trader said.
“The Shanghai Futures Exchange/London Metal Exchange arbitrage was unfavourable in March but I expect April imports will see a significant jump as the arbitrage is gradually recovering and the peak season effect is boosting domestic demand,” he added.
China’s copper ore and concentrates imports were 935,357 tonnes last month, a year-on-year increase of 20.2% and a month-onmonth increase of 22.5%.
“The increase was mainly due to the long-term contracts,” a smelter said. “Many smelters signed large long term contracts due to the favourable treatment and refining charges in the end of 2013.
Spot purchases are very poor due to high stocks and capital pressure,” he added.
