Hi everyone,EQN will be soon printing its own money as we all...

Hi everyone,

EQN will be soon printing its own money as we all know.

good luck and read the following

jojo


China Copper Imports More Than Double in January-July (Update2)

By Li Xiaowei and William Bi

Aug. 22 (Bloomberg) -- China's refined copper imports, the biggest in the world, more than doubled in the first seven months of this year and stayed high in July, a traditionally low demand period.

Imports of the metal and its alloys rose to 1.03 million metric tons from January to July, and were 103,089 tons in July alone, the Beijing-based customs office said today, citing final data. The revised July figure, up 65.1 percent from a year ago, was almost 12 percent less than preliminary data on Aug. 15.

The world's fastest-growing major economy has bought more copper in the last seven months than in the whole of 2006, helping to boost London prices by 11 percent this year. Imports, falling month-on-month since March, remain high even as demand usually slows in summer because of holidays and maintenance.

``The revised figure is more in line with our expectations and is still high given that importing is unprofitable,'' said Cai Luoyi, head of research at China International Futures (Shanghai) Co., by phone from Shanghai.

Chinese traders buying copper for immediate delivery lose about 1,500 yuan ($197) on each ton of refined copper they buy from countries apart from Chile, said Cai Jinrong, an analyst at metals trader Wanxiang Resources Co.

Traders have to pay a 17 percent value-added tax, a 2 percent import duty, freight charges and other costs on imports. Chilean copper is exempt from import duty under a trade agreement.

Demand Surges

China's economy grew 11.9 percent in the second quarter, the fastest pace in 12 years, and importers need to secure copper and other raw materials to meet rising demand for the construction and power sectors. Copper is used to make wires and pipes.

Copper for delivery in three months rose $70, or 1 percent, to $7,045 a ton on the London Metal Exchange at 11:10 a.m. Shanghai time. Copper for October delivery on the Shanghai Futures Exchange was little changed at 62,810 yuan ($8,267) a ton at the same time.

The spread between London and Shanghai prices ``has improved considerably in recent weeks because supplies are being worked off as manufacturers start entering the busy season,'' said Cai.

Imports of copper concentrates, the main raw material for the refined metal, gained 27.4 percent to 2.64 million tons in the first seven months of the year, and rose 33 percent to 367,505 tons in July, according to the customs data.

Scrap copper imports rose 17.7 percent to 2.99 million tons in the first seven months, and gained 12.4 percent to 395,505 tons in July from a year earlier, the data showed.

Exports of aluminum fell 56.8 percent to 314,639 tons in the period, and declined 61.1 percent to 40,938 tons in July. Imports of aluminum dropped 47.7 percent to 165,607 tons in the seven-month period, and fell 59.1 percent to 18,353 tons in July.

Imports of alumina, from which aluminum is made, fell 21.6 percent to 3.1 million tons in the seven months, and declined 28.8 percent to 440,588 tons in July.

To contact the reporters on this story: Li Xiaowei in Shanghai at [email protected] William Bi in Beijing at [email protected]

Last Updated: August 22, 2007 00:03 EDT