2010-03-23 10:17

SHANGHAI: Refined copper imports by China advanced 12 percent in February from a month earlier as demand rose and scrap supply fell.

Inbound shipments were 220,530 metric tons, the customs office said on Monday. That's up from 196,926 tons in January and was down 19 percent from the same month last year, according to data compiled by Bloomberg.

Chinese after-tax copper prices have traded at a premium to those in London for most of this year, according to Bloomberg calculations. The premium was about 500 yuan ($73) a ton on March 19, down from this year's high of 3,000 yuan in February.

The increase in imports is "no surprise given the favorable arbitrage", said Ji Guoqin, an analyst at Zhejiang Zhongda Co.