By Claudia Carpenter
Dec. 22 (Bloomberg) -- Copper advanced for a second day on the London Metal Exchange after imports jumped 10 percent last month in China, the world’s largest buyer of the metal.
Refined metal imports rose to 141,728 metric tons from 128,929 tons in October, according to the Beijing-based customs office. Copper inventories in warehouses monitored by the Shanghai Futures Exchange have dropped 25 percent this year.
“Shanghai spot prices are still trading higher compared to the LME, which meant it’s favorable to import copper by buying LME and selling Shanghai,” said Robin Bhar, an analyst at Calyon in London. China’s State Reserve Bureau “is probably interested in restocking at some stage.”
Copper for delivery in three months climbed $40, or 1.4 percent, to $2,970 a metric ton as of 9:13 a.m. on the LME. Prices gained 1.7 percent on Dec. 19.
LME inventories of copper jumped 3,200 tons, or 1 percent, to 327,500 tons, bringing the increase this year to 66 percent as recessions in the U.S., Germany and Japan reduced demand.
Aluminum fell $5 to $1,511 a ton, zinc dropped $18 to $1,142 a ton and nickel declined $290 to $10,010 a ton. Tin rose $125 to $10,325 a ton and lead gained $29 to $880 a ton.
To contact the reporter on this story: Claudia Carpenter in London at ccarpenter2@bloomberg.net or ccarpenter2@bloomberg.net
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