China Gold imports surge – ING
China's Gold imports surged to an 11-month high last month despite record-high prices, according to customs data, ING’s commodity analysts Warren Patterson and Ewa Manthey note.
Gold prices are up by more than 20% this year,
"Total Gold imports reached 127.5 metric tonnes, a 73% jump from a month earlier, after the People’s Bank of China allocated fresh quotas to some commercial banks in April. Gold prices are up by more than 20% this year, after peaking at a record $3,500/oz in April. Key drivers of the rally are geopolitical risks and central bank buying."
"In other metals, China's copper output rose to a monthly record in April. Production of refined copper was up 9% from a year earlier to 1.25 million tonnes. This is despite weak treatment charges. Meanwhile, lead output in April fell 1% year-on-year to 664,000 tonnes, while zinc output rose 0.3% to 576,000 tonnes."
"Global aluminium output was unchanged month-on-month in April at 201,100 tonnes per day, according to the International Aluminium Institute. Year-on-year, production rose 2.24%."
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