Real demand for copper is still “relatively muted,” despite upbeat import figures for the red metal, says Commerzbank. Import figures released by the Chinese customs authority–showing imports of copper, copper alloy and semifinished products rose 13.5% in November from October–paint a positive picture “only at first glance,” say Commerzbank analysts. “True, copper imports climbed [but] this still left them a good 19% below the year-on-year level,” they say. “What is more, figures for October were downwardly distorted due to the Golden Week holiday, which further puts the increase in imports now reported into context,” they add. LME 3-month copper 1.3% at $8,133/ton.
Dow Jones Newswires