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      Business

      Copper prices get short-term rise on China demand

      1
      2015-05-11 09:50Global Times Editor: Li Yan

      Shanghai copper futures rose slightly Friday on signs of robust demand from top copper consumer China.

      The most-traded copper contract on the Shanghai Futures Exchange (SHFE), for July delivery, closed at 45,970 yuan ($7,406) per ton Friday, up 90 yuan from the previous trading day.

      The trading volume was 249,800 lots Friday, 52,390 fewer lots than Thursday.

      The SHFE was closed May 1 for the May Day holidays.

      The benchmark three-month copper on the London Metal Exchange traded at $6,395 per ton in official rings from Thursday's close of $6,400.

      In April, Chinese copper imports declined 4.4 percent year-on-year. But imports of refined copper, copper alloys and semi-finished copper products were almost 430,000 ton in April, the highest monthly imports in a year, up 4.9 percent from 410,000 tons in March, according to a Reuters report Friday.

      "China's trade data suggest its copper demand will remain pretty healthy," Nic Brown, head of commodities research at Natixis, told Reuters Friday. "But we're going to see it predominantly in terms of imports of concentrate, which remain solid. Imports of refined copper are solid without being spectacular," Brown said.

      Meanwhile, many investors are still expecting Chinese government to launch more fiscal stimulus policies.

      "Metals are looking for direction from the People's Bank of China," according to a report from The Australian Business Review Friday, citing Oliver Fry, a portfolio manager at Ebullio Capital Management.

      Copper price will also be supported by seasonal factors and other Chinese supportive policies. Normally, the period from April to May is the peak copper season in China.

      Meanwhile, China is promoting its "One Belt, One Road" initiative, which will boost infrastructure and support copper prices in the short and medium terms, according to a report released by the Shenzhen-based Shenhua Futures Co Thursday.

      However, over the long term, the oversupply of refined copper will still weigh on prices, the Shenhua report said.

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