Copper price drops despite 65% surge in China imports
Copper prices pulled back sharply on Monday despite near-record level Chinese imports and dwindling global inventories of the metal. Copper for delivery in September trading in New York briefly dipped below the $3.00 a pound ($6,600 a tonne) in afternoon trade, declining 2% from the more than two-year high struck on Friday. Customs data released on Monday showed China’s unwrought copper imports (anodes and cathodes) in August declined to 668,486 tonnes from July’s record haul of 762,211 tonnes, but still up 65% from August last year. Year to date imports…
Read More Here
