Copper Rises to Record in London After China’s Imports Increase

Copper rose to a record in London after imports increased in China, the world’s largest metal consumer.

Data from China’s customs agency showed that imports in January surged 25 percent from a year earlier and 5.7 percent from December. Copper prices are up 61 percent since July 1.

“I’m bullish” in the medium term, said James Roberts, a broker at Sucden Financial Ltd., one of 12 trading companies on the floor of the London Metal Exchange. “Whether this is actually going into the factories or being stockpiled, that’s the $1 million question.”

Copper for delivery in three months climbed $199, or 2 percent, to settle at $10,160 a metric ton （$4.61 a pound） at 6:10 p.m. on the LME. The price reached an all-time high of $10,170.25 today.

On the Comex in New York, copper futures for March delivery rose 9.25 cents, or 2 percent, to settle at $4.6285 a pound.

Last month, China imported 364,240 tons of copper and related products, the most since September.

Rio Tinto Group, the world’s third-largest mining company, forecast that prices will remain high before output from new projects eases a supply shortfall. The International Copper Study Group predicts mine output will trail consumption by 435,000 tons this year.

Tin climbed as much as 2.2 percent to a record $32,460 a ton in London. Aluminum, lead, nickel and zinc also gained.

（source from：bloomberg）