Bloomberg reported that refined copper imports by China gained for a fifth month in October as favorable arbitrage between London and Shanghai made it profitable to ship in the metal.
The customs agency said that shipments were 295,341 tonnes in October. That compares with 275,499 tonnes in September and 169,897 tonnes a year ago.
Copper has fallen more than 20% into a bear market since reaching a record USD 10,190 per tonne in February amid mounting concern that Europe’s debt crisis will curb demand in the region that accounts for about 19% of global consumption.
Mr Grace Qu analyst of CRU International Limited said that “Most Chinese buyers are price sensitive. Imports rose mainly because of favorable arbitrage opportunities.”
