Here's one from Haywood today:

Strong 2012 Copper Outlook on the Back of Record Chinese Imports

We continue to anticipate copper strength in 2012, primarily fueled by increasing Chinese demand, labor-related disruptions at existing operations, and a lack of new global mine supply. We note China has opportunistically taken advantage of low copper prices over the last ~4 years to (re)stock the Country’s (strategic/depleted) copper inventories—the most dramatic example taking place in late 2008 / early 2009 (i.e., immediately ‘post’ the global credit crisis) when the copper price dipped below US$1.50/lb.

Chinese copper imports totaled 452,000 tonnes during November 2011 and increased to a record 508,942 tonnes in December—higher than the Country’s previous record import levels seen in early 2009, arguably suggesting China believes today’s ~US$3.50/lb copper price represents a similar buying opportunity as <US$1.50/lb copper did ~3 years ago. Assuming this is the case, China clearly has a bullish outlook for the copper price, likely driven by the Country’s understanding of its own demand needs.

One additional point—China’s December 2011 copper imports (508,942 tonnes) were greater than the London Metal Exchange’s (LME) current copper inventory (358,250 tonnes).