China’s appetite for commodities remained resilient in December, with trade data showing copper imports hitting record levels and iron ore imports remaining strong.
For full-year 2011 China’s imports of crude oil and iron ore rose 6 per cent and 11 per cent respectively from the previous year, underlining strong demand and Chinese buyers’ desire to take advantage of price falls for some commodities.
China’s imports of copper in December hit a record high of 508,942 tonnes, up 47.7 per cent from the previous year, as the favourable arbitrage between copper prices in Shanghai and London encouraged Chinese buying.
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