Realcent.org

...Over 2007-2008 Chinese imports of copper had a mildly negative correlation to the price of copper: While copper prices dropped 60% in 2008, Chinese import demand dropped 5%, then grew ~63% in 2009. Finally, at $7,100/ton today after a 20% drop in recent weeks, copper is only at its 5-year average price. The increasing import demand of late suggests that the Chinese may import more raw materials as commodity prices moderate and this is backed up by the recent moderate strength (relative to the last 24 months) in the Baltic Dry Index.