Copper futures up on Chinese demand

Copper futures jumped to record levels in London and climbed in New York on Monday after news that imports increased in China, the world's biggest metal consumer.Copper futures jumped to record levels in London and climbed in New York on Monday after news that imports increased in China, the world's biggest metal consumer.

China released data Monday that showed copper imports in January jumped 25 percent from 2010 levels and 5.7 percent from December; before Monday, copper prices increased 57 percent since July 1 on surging global demand amid dwindling stockpiles.China released data Monday that showed copper imports in January jumped 25 percent from 2010 levels and 5.7 percent from December; before Monday, copper prices increased 57 percent since July 1 on surging global demand amid dwindling stockpiles.

James Roberts, a broker at Sucden Financial, told Bloomberg that analysts are waiting to see whether the copper being purchased will be used or stockpiled. "I'm bullish" in the medium term, he affirmed. "Whether this is actually going into the factories or being stockpiled, that's the $1 million question."James Roberts, a broker at Sucden Financial, told Bloomberg that analysts are waiting to see whether the copper being purchased will be used or stockpiled. "I'm bullish" in the medium term, he affirmed. "Whether this is actually going into the factories or being stockpiled, that's the $1 million question."

On the Comex in New York on Monday, copper futures for March delivery rose 2 percent, or 9.3 cents, to trade at $4.63 per pound.On the Comex in New York on Monday, copper futures for March delivery rose 2 percent, or 9.3 cents, to trade at $4.63 per pound.

In January, China imported 364,240 metric tons of copper and related products - the biggest amount for the Asian country since September. Rio Tinto Group, the world's third-largest mining company, projected that copper prices will stay high before output from new mining projects help to allay global supply deficits.  In January, China imported 364,240 metric tons of copper and related products - the biggest amount for the Asian country since September. Rio Tinto Group, the world's third-largest mining company, projected that copper prices will stay high before output from new mining projects help to allay global supply deficits.