China grid investment will boost copper consumption this year: state research firm

Hong Kong

RECORD investment in China's state power grid is set to boost copper consumption in the power sector this year by around 9 per cent, a state-backed research firm said on Monday, a positive piece of news for a metal languishing near 5-1/2 year lows.

The forecast by research firm Antaike comes after state media reported on Friday that the power grid plans to invest 420 billion yuan (S$90 billion) in 2015, up 24 per cent from last year.

The power sector accounted for nearly half of an estimated 8.7 million tonnes of refined copper consumption last year…