December 2011 | Base Metals
China still importing huge tonnages: Copper - Market Analysis
Like most of the other metals, copper ran into overhead technical resistance, where they were turned lower again. The rebound was speculative in nature and short-covering played a major part. There was little follow-through buying interest, and we think that this will remain the case until there is better clarity on the Eurozone crisis and a stronger outlook for the floundering European economy. Copper still has many positives – Chinese merchant restocking, supply disruptions and low inventories – so it will lead on the upside when sentiment turns.
China’s imports reach 20-month high...
China’s copper merchants continued to take advantage of low LME prices in November, pushing the month’s imports of unwrought metal and fabricated products to 452,022 tonnes – up 18% from October. We have deliberated in recent weeks as to whether this is purely an arbitrage play, leaving stocks sitting in Shanghai’s bonded...
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