[中国金属]

　　20:08 24Sep07 RTRS-UPDATE 2-China Aug copper imports fall, seen up in Sept

　　 (Recasts, adds comment, forecast and consumption, pvs BEIJING)

　　 By Polly Yam

　　 HONG KONG, Sept 24 (Reuters) - China's refined copper

　　imports extended their downtrend in August, falling 11.5 percent

　　from July, but traders said inflows were likely to rebound in

　　September.

　　 Refined copper imports in China, the world's top copper and

　　aluminium consumer, dropped for the fourth consecutive month to

　　87,192 tonnes in August after falling 8.9 percent in July,

　　customs data showed on Monday.

　　 But August imports were still 10.6 percent higher than in

　　August 2006. Imports rose 105 percent to 1.1 million tonnes in

　　the first eight months of the year, reflecting large inflows in

　　the first half.

　　 "Low imports were expected. August was a low season," Jing

　　Chuan, Shanghai-based chief researcher for Great Wall Futures

　　said.

　　 Jing said he expected imports in September to rebound as

　　stocks in Shanghai had been falling this month and demand was

　　slowly picking up.

　　 Chinese merchants and investors had increased bookings of

　　spot refined copper in mid-August for delivery in September and

　　October due to then lower world prices , traders said.

　　 A recent rise in world prices was like to trim actual

　　arrivals of those bookings but imports in September might still

　　rise to about 110,000 tonnes.

　　 ALUMINIUM

　　 August primary aluminium exports surged 67 percent from July

　　to 17,376 tonnes because firms delivered metal for their trade

　　finances, under which Chinese firms give aluminium as payments

　　for loans given by overseas financial institutes.

　　 "It must be trade finances given that Chinese prices were

　　higher," said a trade manager for an aluminium smelter in

　　central Henan province.

　　 He said strong demand were supporting Chinese aluminium

　　prices and discouraging smelters from exporting the metal, which

　　was subject to a 15 percent export tax.

　　 August exports still dropped 81.5 percent compared with

　　August 2006. Outflows fell 77.9 percent to 130,051 tonnes in the

　　first eight months of the year.

　　 China's imports of primary aluminium stayed low at 4,356

　　tonnes in August, down 88.9 percent year-on-year. Imports

　　dropped 68.1 percent to 73,464 tonnes in the first eight months

　　of the year.

　　 But traders said low world aluminium prices were

　　encouraging fabricators in southern Guangdong province to import

　　spot primary aluminium for tolling and processing trade, under

　　which fabricators import aluminium duty free, as long as they

　　export their products.

　　 "Many people had been looking to import September shipments

　　but not too much metal are available in the market," a trader at

　　one international trading house said.

　　 Below is a table of China apparent copper and aluminium

　　consumption in the first eight months of 2007:

　　 Aug July YTD YTD

　　 COPPER (tonnes) (tonnes) (tonnes) pct chg

　　 Ref. copper output 311,600 287,900 2,170,800 15.6

　　 Ref. copper imports 87,192 98,489 1,080,229 105.0

　　 less:

　　 Net change in stocks -23,296 -528 35,463

　　 Ref. copper exports 20,980 26,399 89,085 -56.5

　　 APPARENT CONSUMPTION 401,108 360,518 3,126,481 35.2

　　 ALUMINIUM

　　 Prim. aluminium output 1,078,200 1,033,900 7,796,400 33.8

　　 Prim. aluminium import 4,356 4,581 73,464 -68.1

　　 less:

　　 Net change in stocks 5,003 17,087 43,429

　　 Prim. aluminium exports 17,376 10,405 130,051 -77.9

　　 APPARENT CONSUMPTION 1,060,177 1,010,989 7,696,384 40.1

　　 Source: National Bureau of Statistics (inc. revised 2006/2007

　　data); Customs Administration of China; Shanghai Futures

　　Exchange

　　 *Reflects changes in Shanghai futures exchange copper warehouse

　　data. Also assumes a net copper release by the State Reserves

　　Bureau of 102,400 tonnes in May-July 2006, in addition to that

　　reflected in exports.