China imported 378,943 metric tons of refined copper last month, a 12% increase from May and the fifth straight record, customs office data showed yesterday.

“Demand should ease after builders filled orders for the summer construction peak and the margin between China and London prices narrowed,” said Pang Ying, an analyst at Shenzhen Rongtuo Trading Co.

“July imports should definitely come off from these record levels as the arbitrage window has closed and we move into the slow consumption season. Demand in June was definitely weaker than in May, but comparable to June 2008 levels,” Pang added.

In company specific news, the world’s sixth-largest steelmaker, Tata Steel Ltd, raised $500 million in a sale of global depositary receipts to fund domestic expansion [in India] and mining ventures overseas.

Tata sold 65.4 million shares at $7.644 each, according to a statement sent to the Bombay Stock Exchange, the second-biggest overseas stock sale by an Indian company this year. The shares, sold at a 6% discount to yesterday’s close in Luxembourg, will be listed in London, the statement said.

Finally, in the on-going saga of the “ (NYSE:RTP) Rio Tinto Four,” China’s Vice Foreign Minister He Yafei announced yesterday he told Australia Foreign Minister Stephen Smith at a recent meeting China has sufficient evidence Rio Tinto staff got state secrets through illegal means.

“I’ve introduced the information about the case to him and stressed we have sufficient evidence to show that people involved in the case have obtained our state secrets through illegal means,” He said.

“The case has entered the legal process…I told him we aim to get an outcome from the case as soon as possible but of course we need to fully complete the legal process first,” He added.

Source: Copper Takes a Step Back