Increased net imports and higher domestic production pushed implied consumption for refined copper in China, the world's top consumer of the metal, up 20.8 percent month-on-month in February, according to Reuters calculations based on official customs data released on Wednesday.
Daily implied consumption of refined copper in China surged 44.7 percent from a year earlier, despite increased stocks in warehouses monitored by the Shanghai Futures Exchange. China's inflows of refined copper rose 12 percent month-on-month in February to hit the third-highest level ever at 375,831 tonnes on delayed shipments from the holiday month of January and as buyers stocked up on expectations of rising demand during the peak March-May consumption period. The imports rose 137.6 percent from a year earlier.