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Chinese copper imports plunge to 30-month low in May

June 21, 2011 - 08:57 GMT Location: Shanghai

KEYWORDS: China , copper , May , imports , scrap

China's refined copper imports plunged to a 30-month low in May as demand for metal to back financing deals fell away, although this is expected to return in June with the narrowing of prices between Shanghai and London

Inbound copper shipments fell 6.9% month-on-month and 46.6% year-on-year to 149,235 tonnes in May, according to customs data. Shanghai copper traded at a discount to London prices for the whole of May, discouraging purchases aimed at obtaining finance from banks through letters of credit. The discount has since narrowed and more shipments are expected this month, market participants say. "Shanghai's discount to...

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