China's copper arrivals hit a record in March, pushing up total imports 30.1 percent in the first quarter from last year, after price differentials between domestic and international markets favoured imports in previous months.

Arrivals of anode, refined copper, copper alloys and semi-finished copper products reached 1.43 million tonnes in January to March, data from the General Administration of Customs showed on Wednesday.

In March, imports were at a monthly record 570,000 tonnes versus the previous record 536,000 tonnes in January 2014. That rose 35.7 percent from the Lunar New Year holiday month of February and 39 percent higher from a year earlier.

March imports also reflected that importers had scheduled more shipments for expected seasonal demand in April and May, said traders.

Still, high imports in the first quarter did not reflect domestic demand as the growth in world's second-largest economy has slowed, said traders. Imports added supply pressure in the country, prompting Chinese smelters to consider raising exports.

"Strong imports were because of good arbitrage ratios. Price differentials between Chinese prices and the LME favoured imports in March, as well as in the whole first quarter mostly," said Zhou Jie, a trade manager at China International Futures (Shanghai).

Credit had increased to the market in March from the previous two months, supporting importers' buying, he added.

Zhou said imports in April may stay strong, but that could be off March's record as credit currently was not as good as last month.

Helen Lau, analyst at Argonaut Securities also sees lower imports in April due to high inventories in China.

Refined copper stocks monitored by the Shanghai Futures Exchange CU-STX-SGH hit a record on March 18, though they have dropped since.

Domestic demand for spot refined copper has improved from the past two months as factories bought more metal for the peak production season in April and May, said a trader at a state-owned smelter. The demand was still weaker than the same time previous years.

Still, a trader at a large copper rods production plant in the southern province of Guangdong said many small factories were struggling with a cash crunch and did not have up-front cash to buy metals, which has forced some to cut orders.

"Since last year, many rods sellers have asked for a cash-for-delivery term because of fears of default. This year, some power cables and wires producers are asking the same, which means the cash crunch is extending," he said.

Imports of raw material copper ores and concentrates jumped 34 percent from a year ago to 4 million tonnes in the first quarter.

Ore imports in March stood at 1.37 million tonnes, down 6.2 percent from February.

Firm domestic aluminium prices limited exports in the first quarter as the prices have risen about 20 percent since a record low in November 2015.

Exports of primary aluminium, alloy and semi-finished aluminium products fell 11 percent on-year to 1.08 million tonnes in January to March.

March outflows were 420,000 tonnes, up 50 percent from February 2016 and 16.7 percent higher than a year earlier.

http://www.reuters.com/article/china-economy-trade-metals-idUSL3N17F28D

Taseko announces that an agreement to defer up to 75% of power costs for the Gibraltar Mine has been signed, retroactive to March 1, 2016.

In February, the Government of British Columbia announced a five-year power rate deferral program for BC mines. This deferral program, which was put in place to help the Province's mining industry during the weak economic environment, allows qualifying mines to defer up to 75% of their electricity costs based on a sliding-scale of metal prices. At today's copper price, the maximum deferral of 75% will apply.

Russell Hallbauer, President and CEO of Taseko, commented, "Electricity is one of Gibraltar's biggest expenses; accounting for nearly 10% of the mine's total operating costs. This deferral program will reduce Gibraltar's annual spending by up to C$18 million and is another initiative to help the Company ensure sufficient working capital during this extended period of lower copper prices. Along with the other cost containment initiatives implemented over the past year, the Company is well positioned to manage through this challenging time. We have worked aggressively to reduce operating costs, as evidenced by the 15% reduction in cost per ton milled achieved in 2015 to C$9.41 in the fourth quarter. The impact of the cost deferral program is equivalent to a further C$0.60 per ton milled reduction."

"Cooperative agreements between industry, government and industry associations can only be achieved through strong working relationships which come as a result of management teams with experience in the regions they operate," concluded Mr. Hallbauer.

http://www.marketwatch.com/story/taseko-signs-power-cost-deferral-agreement-for-gibraltar-mine-2016-04-11-17202490

A company controlled by Russian billionaire Roman Abramovich and partners has offered $158 million to buy 0.79 percent of shares in Norilsk Nickel to increase its stake in the mining giant to more than 6 percent, Norilsk said on Tuesday.

The price offered is equivalent to Norilsk's average share price on April 4-8 and to around $12.63 per American Depository Receipt (ADR), the company said in a statement.

Norilsk holds the shares following a share buyback programme last year. Abramovich, owner of Chelsea soccer club, and his partners in Crispian Investments Limited already own 5.5 percent of Norilsk, the world's biggest palladium producer and second-biggest nickel producer.

Norilsk said it will consider the offer at a board of directors meeting on April 18. The purchase would take Crispian's stake to 6.29 percent.

Norilsk's ADRs in London were trading at $13.08 in London on Tuesday after falling 29 percent in the past year as the company was hit by the commodities slump and weak Russian economy. Its shares in Moscow were down 1 percent on Tuesday.

http://www.reuters.com/article/russia-norilsk-idUSL5N17F1AZ