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Copper May Rally to Record on Demand From China, Maike Says

Copper may rally to a record $12,000 a metric ton in the first quarter as stronger-than-expected demand from China, the largest user, and tumbling inventories spur imports, according to Maike Futures Co.

“If Chinese imports don’t pick up in the second half, there will certainly be a serious shortage,” Ren Gang, head of Maike’s research department, said in an interview. “Destocking is nearing the end.” The brokerage’s affiliate Xi’an Maike Metal International Group Co. trades up to 500,000 tons of metals and minerals a year, according to the company’s website.