Copper prices fall despite higher imports into China

Copper prices fell Wednesday on new data from China.

While Chinese imports of copper were up around 42 percent in February from January to 329.311 tonnes, as had been hoped, total exports from China fell 25.7 percent last month from February 2008, creating concerns that growth is slowing in China, which could cut demand for the metal used in construction and manufacturing at a time when demand elsewhere is low.

The new numbers showed that China’s trade surplus was just $4.84 billion in February, down substantially from January’s $39.1 billion surplus and a three-year low.

May copper was down 6 cents to $1.63 per pound in New York trade, while at last report three-month copper had dropped $70 to $3,650 per tonne in London.

Losses were held in check by a 10,150-tonne decline in inventories in London Metal Exchange warehouses to 501,875 tonnes.

Precious metals prices, however, reversed yesterday’s losses in New York trade.

April gold added $14.80 to $910.70 per troy ounce while May silver was up 26 cents to $12.80 per troy ounce and April platinum gained $13.40 to $1,057 per troy ounce.