Copper prices rise significantly on the back of stronger imports in China

Copper prices on the London Metal Exchange are rising strongly in response to the surge in metal imports from China. Copper on the LME is valued at $ 4,850.00 per tonne, after rising 1.8 percent.

In March, China's copper imports rose 36 percent to a record 570,000 tons, according to data released Wednesday by the Chinese customs administration. In February, copper imports amounted to 420 thousand tons.

Imports of crude copper and its products increased in China last year and the first month this year. Copper purchases in China rose 30 percent in the first quarter of 2016 to 1.43 million tonnes year on year. Industrial metal demand in China increased after the February holidays, the Lunar New Year, and after assurances from the Chinese authorities of their desire to support the growth of the Chinese economy. In January, the Chinese government bought out 150,000. tons of copper to reduce the surplus of metal in the market, for this reason, copper prices fell close to their lowest level since 2009.