By: Frik Els
n afternoon trading in New York, copper for delivery in March continued to climb, hitting $2.7620 a pound ($6,070 a tonne), a 20-week high and up 5.2% over four straight sessions of gains.
China consumes half the world’s copper, and trade data released on Sunday showed the country’s imports of unwrought copper increased to the highest since September 2018. Shipment totalled 483,000 tonnes in November, nearly 6% higher than the same month last year.
For the first 11 months of 2019, imports of unwrought copper are still down 8.5% from a year earlier at 4.45 million tonnes. Last year China imported a record 5.3m tonnes of refined copper.
Copper stocks in warehouses in China have been declining since June and were at 245,500 tonnes at the end of last month, the lowest since at least June 2013, according to Refinitiv Eikon data.