Demand for copper is “robust” in China, according to the listed mining subsidiary of the country’s biggest metals trader – an upbeat view that runs counter to the gloom expressed this week in earnings reports from many Chinese mills and smelters.
Andrew Michelmore, Minmetals Resources chief executive, told the Financial Times that fears over China’s slowing commodities consumption had been overblown, though he acknowledged that demand growth had slowed from last year.
“People are still buying phones, still using TVs, refrigerators and air conditioners,” he said, citing items that contain copper. “The total demand growth may not be as hot as it was a year ago but it is still there.”
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