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China imported 1.15 million tons of copper in the first seven months of the year, a decline of 24 percent over the same period last year, according to latest statistics released by the General Administration of Customs (GAC).

 

The price of copper on international markets is much higher than China's domestic price, said Hu Bin, an analyst of the Zhejiang Yong'an Futures Company, adding that the price gap has dampened the enthusiasm of importers and speculators.

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Analysts say that despite the decline in imports, China's domestic copper supply was sufficient due to increased production and decreased demand.

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The figures also show the total export of aluminum in the first seven months was down 16.5 percent over the same period last year to 729,950 tons, with an export volume of 105,252 tons in July.

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The import volume of aluminum in the first seven months was down 1.5 percent to 703,318 tons.

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Imports of iron ore in the first seven months were 186 million tons, an increase of 21.7 percent over the same period of last year.?

 

(Xinhua News Agency August 13, 2006)