Chinese copper demand to surge by 40pct by 2015

Reuters quoted an official from the China NonFerrous Metals Industry Association as saying that China’s apparent consumption of refined copper will rise by nearly 40% to 8.5 million tonnes per year by 2015. Mr Zhao Bo director of the association’s copper department said that “Despite the prospect of a slowdown for major economies around the world, we believe real demand for copper in China will remain strong as the domestic economy continues to develop.Mr Bo said that the country’s current refined copper demand was 6.2 million tonnes. The government will continue to modernize rural areas, which will increase demand for all sorts of electrical household appliances. Refined copper smelting capacity was expected reach 6.5 million tonnes per year in 2015 from about 4.8 million tonnes this year.

He added that the shortfall between real demand for refined copper and the country’s total smelting capacity would in turn widen the need for copper imports.