Chinese imports of platinum group metals were firm in October, copper stronger than expected and silver lagged, says Barclays in an analysis of the monthly data. Palladium imports were the “most notable,” rising by 89% year-on-year and a modest 3% month-on-month to around 64,200 ounces, the highest since April 2012. “Palladium imports have been somewhat subdued in 2013, following the initial elevated inventory picture at the start of the year, but vehicle sales have been strong and we expect that to continue,” Barclays says. Platinum imports rose 61% YOY in October but fell by 27% MOM to some 248,700 ounces. They have been above 200,000 each month since March, Barclays says. Refined copper imports eased month-on-month but were up 27% YOY, Barclays says. Net imports were also the second strongest of the year at some 278,000 tons due to a pick-up in financing demand, described as more attractive than any time since early 2012. “Bonded warehouse stocks of copper have risen as a result and we expect that trend to continue as imports are likely to stay high,” Barclays says. Silver imports fell by 6% YOY in October but remained above 200 tons for the fourth month, Barclays says. “Exports rose by 84% y/y to 125 tons, keeping China a net importer,” the bank adds.
