Copper Rises in Asia on China Demand Outlook, Stockpiles Drop
By Glenys Sim
Sept. 12 (Bloomberg) -- Copper rose in Asia on increased demand as imports surged in China, the world's largest consumer of the metal, and as global stockpiles fell.
Imports of copper and copper products gained 43 percent to 1.91 million metric tons in the eight months ended Aug. 31, the Beijing-based customs office said yesterday. Copper stockpiles monitored by the London Metal Exchange fell for a second day to 137,275 metric tons, after gaining in the past two months.
Copper for November delivery on the Shanghai Futures Exchange rose 1.5 percent to 65,850 yuan ($8,752) a metric ton at 9:32 a.m. local time.
London Metal Exchange copper for delivery in three months fell 0.1 percent to $7,465 a ton at the same time. The contract added 4.4 percent to $7,475 a ton yesterday.
December delivery copper on the Comex division of the New York Mercantile Exchange fell 0.1 percent after climbing 4 percent to $3.3875 a pound yesterday.
To contact the reporter for this story: Glenys Sim in Singapore at [email protected]
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