China's SRB Seen Selling 50,000 T of Imported Copper
[2009-05-26]
China's State Reserves Bureau (SRB) is selling newly imported refined copper cathode to local traders and fabricators, and may attempt to sell about 50,000 tonnes in total after China's record imports last month, traders said on Tuesday.
"The SRB is going to sell 50,000 tonnes," an executive at a trading company said.
He added that the state body, China's state commodity buyer and seller, had delivered 2,500 tonnes of newly imported copper to local companies, including his trading firm, in Shanghai on Monday.
The state selling could push down Chinese prices and close the arbitrage window for spot imports.
China, the world's top copper consumer, imported more than twice as much copper in the first four months of this year than in the same months of 2008. London Metal Exchange prices have risen by more than 50 percent this year.
"The SRB is going to sell 50,000 tonnes," an executive at a trading company said.
He added that the state body, China's state commodity buyer and seller, had delivered 2,500 tonnes of newly imported copper to local companies, including his trading firm, in Shanghai on Monday.
The state selling could push down Chinese prices and close the arbitrage window for spot imports.
China, the world's top copper consumer, imported more than twice as much copper in the first four months of this year than in the same months of 2008. London Metal Exchange prices have risen by more than 50 percent this year.
Source: Reuters
Keywords:Imported Copper Metal
Related Articles:
