LME copper fell due to decline in China's imports

Reuters, London, September 23 - --- London Metal Exchange (LME) copper (47810, -690.00, -1.42%) fell Wednesday, as investors on the world's major consumer of metals demand from China showed disturbing signs of slowing down. Three-month copper MCU3 index closed at 6,126 U.S. dollars, Tuesday to close at 6,270 U.S. dollars. China bought a large number of copper, copper prices to help more than doubled so far this year rose more than offset the Organization for Economic Cooperation and Development (OECD) countries, decline in demand. However, China Customs, said Tuesday China's August imports of refined copper 219,731 tons, an increase of 152.08%, but the chain fell 25%. [ID: nCN0899142] Chinese state-owned research institutions - Antaike analyst Yang Chang-hua, said Wednesday that China's refined copper reserves of civil society and the state may be nearly 120 million tons, equivalent to about 80 days of consumption. [ID: nCH0049785] Yang Chang-hua said that China refined copper imports in the first half record, while domestic production rose 5 percent year on year to make the situation more serious, even better than expected domestic consumption. The market demand worries overshadowed by China's steady against U.S. dollar copper prices. In the United States Federal Reserve Board (Federal Reserve, FED) announced interest rate decision, the U.S. dollar against a basket of currencies is still close to one-year low. [FRX / CN] Data show that, LME copper stocks rose by 175 tons to 331,950 tons. Aluminum (14840, -85.00, -0.57%) MAL3 from 1,889 U.S. dollars per ton dropped to 1,873 U.S. dollars. LME aluminum inventories to reduce 4,250 tons, down slightly from 4.6 million tons above the record high. Zinc (14990, -220.00, -1.45%) MZN3 fell from 1,946 to 1,903 U.S. dollars U.S. dollars. MPB3 Three-month lead fell to 2,240 from 2,289 U.S. dollars U.S. dollars. The three-month tin MSN3 unchanged at 14,650 U.S. dollars. Backwardation soared to about 730 U.S. dollars, September 17 to 260 U.S. dollars. In LME warehouses have a major position accounted for more than 90% tin inventories and helping boost the stock premium. Three-month nickel MNI3 rose to 17,875 from 17,750 U.S. dollars.