Copper prices reacted to lower imports in China

Copper prices fell on the London Metal Exchange following data indicating that imports of red metal to China have become weaker.

Copper on the LME in 3-month shipments now costs $ 6,825.50 a tonne, up from $ 6,833.50 previously, dealers said.

China imported 330 thousand tons of unprocessed copper and its products in October. This is much less than in September, when China imported 430,000 tons of copper.

In October, China's imports of ore and copper concentrate totaled 1.37 million tonnes, according to customs data. In September, it amounted to 1.47 million tons.

“Copper demand has not been as strong during the peak season as predicted,” said Jia Zheng, investment trader Shanghai Minghong Investment Management in Shanghai.
“Copper imports to China may also be weaker in November and December as winter approaches,” adds Jia.

On Tuesday, copper on the LME lost $ 144, or 2.1 percent. The metal rose 1 percent in London last week.