Japan Copper-Cable Shipments Rise to Highest Since NovemberJae Hur and Ichiro Suzuki
Japan’s copper wire and cable shipments increased 3.8 percent in July from a year earlier to the highest level since November as demand from the construction and electric-machinery industries gained, an industry group said.
Shipments totaled 61,800 metric tons last month, compared with 59,533 tons a year earlier, the Japanese Electric Wire & Cable Makers’ Association said today in a statement. Deliveries were 54,087 tons in June, down 5.6 percent from a year earlier.
Japan’s overall exports jumped by the most since 2010 in July, aiding Prime Minister Shinzo Abe’s efforts to drive an economic recovery even as rising energy costs boosted the trade deficit. The stronger exports show Japan’s economy is benefiting from a recovery in demand in Europe and the U.S., and the yen’s 11 percent decline against the dollar this year.
“The construction and electric-machinery industries led the monthly number higher in July,” said Keiichi Ohki, an official at the association’s research department. “Still, it’s too early to say demand is picking up.”
Copper-cable shipments to the construction industry climbed 11.3 percent last month from a year earlier and 3.2 percent to electric-machinery, while deliveries to automakers fell 4.8 percent, the association said.
Total deliveries fell 2.9 percent to 331,918 tons in the first six months to June from the same period a year earlier, the association said.
Copper for delivery in three months on the London Metal Exchange was little changed at $7,316 a ton at 11:48 a.m. in Tokyo. The metal lost 7.8 percent this year.