China's copper consumption to hit 5.4 million mt by 2010:...

China's copper consumption to hit 5.4 million mt by 2010: Antaike

Hong Kong (Platts)--4Jan2009

China's copper consumption is expected to hit 5.4 million mt by the year 2010, up from an estimated 5.1 million mt in 2009, an official with Beijing Antaike, the state-owned nonferrous metals information provider said Monday.

Despite the global financial crisis having weakened the Chinese domestic economy, lowering Chinese domestic demand for copper from the air-conditioner, refrigerator, as well as copper processing industries, Chinese copper consumption is still expected to rise by 2010 due to strong demand from the domestic power network construction sector, the Antaike source said.

Antaike noted that the Chinese government's reconstruction plans in the next few years after the Sichuan earthquake that took place in May 2008 would also support future Chinese domestic copper consumption.

Local news reports said China is to spend over Yuan 500 billion in post-earthquake reconstruction.

Figures from China's National Bureau of Statistics showed that China produced 3.41 million mt copper during the first 11 months of 2008, up 10% from the corresponding period in 2007.

--Joshua Leung, [email protected]