But analysts have questioned whether China will return to the international market as expected after the lunar new year holiday.
Imports by China – the largest consumer of the red metal, accounting for about 40 per cent of global demand – have slowed in recent months as high prices have caused companies there to use up stocks rather than buy new material.
The difference between the copper price in Shanghai and in London has discouraged importers since the summer.
In December, the country imported 228,600 tonnes of refined copper, down 6.5 per cent from a year earlier, while over the whole of 2010, imports were down 8 per cent, according to Barclays Capital.
“We remain cautious on the timing of the Chinese return, particularly given the state of the current physical market,” said Leon Westgate, base metals analyst at Standard Bank in London.Read More
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