If every home in China purchased just one light bulb, all the available above-ground supply of copper would vanish and that would still not be enough to meet the demand.
Copper Futures in Shanghai Gain on Demand From Users in China
By Feiwen Rong
Nov. 6 (Bloomberg) -- Copper futures Shanghai gained as buyers in China, the world's largest user of the metal, increased purchases after prices touched a two-month low, and stockpiles declined.
Imports of refined copper into China fell 41 percent in the first nine months of this year as prices in London soared to a record in May. Shanghai futures fell 3.8 percent last week to settle at their lowest since September.
``To copper users in China, the current price looks attractive, and they've got demand,'' Yu Mengguo, metal futures trader at Jinpeng Futures Co., said by phone from Beijing today.
Copper for delivery in January on the Shanghai Futures Exchange rose 130 yuan, or 0.2 percent, to settle at 67,790 yuan ($8,604) when trading ended at 3:00 p.m. local time.
Benchmark London Metal Exchange copper for delivery in three months gained $5, or 0.1 percent, to $7,335 a ton at 7:37 a.m. local time. |
