China's November copper imports jump by 42.3 pct month on month

China's November copper imports jump by 42.3 pct month on month

Export growth also beat, lifting by 12.3% over the same period in USA dollar terms, a sharp improvement on the 6.9% level of October and forecasts for an increase of 5%.

Similarly, imports surged 17.7% in November from a year ago, faster than the expected growth of 13.0%.

The number beat analysts' forecast of a 5.0 percent increase and compared with 6.9 percent growth in October.

"While we still expect China's domestic economy to cool in 2018 on gradually tighter financial policies, the November import data shows that there are upside risks to our China outlook", said Louis Kuijs, head of Asia Economics at Oxford Economics in Hong Kong.

Some of China's northern provinces have ordered factories to throttle back or halt output to reduce notoriously thick winter smog, which will likely discourage demand for raw materials shipments such as iron ore.

In volumes terms, imports of copper, crude oil, iron ore and coal all rose from a month earlier.

That left the country with a trade surplus of USA $40.21 billion for the month, according to a Reuters calculation based on official data.

Exports stood at 380,000 tonnes, up 8.6 percent from 350,000 tonnes in October and flat on a year earlier.

"Chinese trade looks to have been surprisingly strong last month". The 2017 total is set to fall short of the record 4.94 million tonnes of imports in 2016 after a weak first half of the year.

Meanwhile, China's exports of unwrought aluminium and aluminium products rebounded in November after four straight months of declines.

In local currency terms, exports rose by 10.3% year-year, well above the 2% increase expected by economists.