By Bloomberg News
Oct. 14 (Bloomberg) -- Imports of copper and products by China, the world’s largest consumer, climbed for the first time in three months.
Purchases increased to 399,052 metric tons in September, the Beijing-based customs office said today. That’s 23 percent more than August, according to data compiled by Bloomberg.
Copper, used in pipes and power cables, has doubled in London this year as China’s 4 trillion yuan ($586 billion) stimulus spending and state stockpiling boosted imports to a record, and the world recovered from its worst recession since World War II, increasing demand for raw materials.
“The gain is a bit of a surprise” as importing has remained money-losing, said Edward Fang, an analyst at China International Futures Co. “Yet it’s not that unreasonable given the low summer production season is over.”
China’s scrap copper imports were 410,000 tons in September, customs said. That compares with 392,121 tons in August, according to data compiled by Bloomberg.
--Li Xiaowei. Editor:
To contact the Bloomberg News staff on this story: Li Xiaowei in Shanghai at Xli12@bloomberg.net
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