China copper imports are set to plunge 25 per cent next year as the fallout from a financing scandal in the port city of Qingdao tightens access to bank credit in the largest consumer of the metal.
China is set to import 2.35m tonnes of refined copper in 2015, according to CRU, a leading consultancy. That would be the least since 2008, before the practice of using commodities as collateral for loans gained momentum.
“Anything copper-related is under greater scrutiny than other metals as a consequence of Qingdao. Nobody is touching the place,” said Matthew Wonnacott at CRU. He was speaking ahead of LME Week, which starts on Monday in London.
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