China’s refined-copper imports have declined for a third month in June, Bloomberg reported, citing customs statistics. Last month China imported 211,957 metric tons, 24% less than in May and 44% less than in June 2009. An analyst attributed the decline to a temporary lack of arbitrage opportunity, specifically buying copper in London and selling it in Shanghai, and expects imports to recover in July as the markets have diverged again. Three-month copper contracts on the London Metal Exchange rose 0.8% to US$6,695 per ton on Monday, while the October contract on the Shanghai Futures Exchange fell 2.3% to US$7,662. The decline in refined copper imports was offset by increases in production, which set a new record in June, and scrap copper imports.
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