Copper: No muscle in this rally

Focus on Futures: Copper

Chinese imports for September were strong – 11% above August and 3.6% higher, year-over year. As Chart 3 illustrates fairly clearly, however, total imports are still in a downtrend and nowhere close to the levels that were indicative of the urgent Chinese buying that drove prices. With softer economic growth rates in China, it is difficult to expect a return to an environment in which the Chinese will not be price conscious.

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